Bitcoin Technical Analysis: BULLS BREAK ABOVE KEY RESISTANCE
cryptocurrency·@workin2005·
0.000 HBDBitcoin Technical Analysis: BULLS BREAK ABOVE KEY RESISTANCE
 ### Bitcoin has been unable to break above the neckline of the prior inverse head and shoulders ($6,750) for nearly a month. Today, it finally broke through, rising as high as $6,930 before finding resistance at the prior high of this microstructure.  ### Zooming out on the weekly chart, we can see clear bullish divergence on the 1 week MACD. The histogram appears to be close to crossing into bullish territory. If this happens, I believe it could bring in a fair amount of buyers.  ### The 1 week Stoch RSI looks bullish. It’s crossed over and appears to be preparing to rise.  ### The daily chart shows price breaking above the 55 day EMA. The 50 day MA is acting as resistance. If the daily candle can close above the 55 day EMA...or even better, above the 50 day MA, it could signal a major shift in momentum towards the bulls.  ### Zooming out on the daily chart, I’ve got a bullish count that has bitcoin having completed a WXY pattern...ending with an ABCDE correction. If this count is correct, we’re watching the start of 5 waves up.  ### In today’s video analysis, I discuss price movement in the short and longterm, market psychology, traps to avoid, an in-depth Elliot count and MUCH more. ## Video Analysis: https://youtu.be/cihCNtgwabw #### *If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.* ### BIAS: **Short Term: Slightly Bullish** **Longterm: Very Bullish** **I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!** ### *Workin* ## **If you found this post informative, please:**  **If you don’t have an account on Binance, I STRONGLY recommend getting one. They’re usually the first to get reputable coins, have excellent security and second to none customer service. Sign up here free of charge: https://www.binance.com/?ref=16878853** **Brave is one of the safest, ad free browsers ever created. It helps support the crypto ecosystem by awarding content providers with BAT tokens. Join the revolution and download the latest version here, free of charge: https://brave.com/wor485** **Follow me on Twitter (handle is @Workin2005) and Facebook to receive the latest updates. https://www.facebook.com/Workin2005**. **MAKE SURE to check out TIMM (Traders & Investors Mentor Market), a STEEM based platform for traders and investors of all levels. Sign up for a free membership and take advantage of the knowledge shared by many experts and investors. Just click the TIMM logo below:** --- **Published on** <center><a href="https://mentormarket.io/"><img src="https://cdn.steemitimages.com/DQmXuk9bWMiPgXdowVfh4JBSGUXMqQkLa1u7ANwzTssgp25/250%20blue%20Overlay%206.png" alt="mentormarket.io" /></a> by [Workin2005](https://mentormarket.io/profile/@workin2005?aff_id=Workin2005)</center> --- <center><a href="https://mentormarket.io/legal/termsandconditions"><img src="https://cdn.steemitimages.com/DQmY5feG75MDWS57aX2rSUUa8bhzcZEyb5XKZCHY7FUzmXn/Disclaimer.png" alt="https://mentormarket.io/legal/termsandconditions" /></a></center>
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