Bitcoin Technical Analysis: The Bears Hit Back

View this thread on: d.buzz | hive.blog | peakd.com | ecency.com
·@workin2005·
0.000 HBD
Bitcoin Technical Analysis: The Bears Hit Back
![Analysis_Logo Resize.png](https://cdn.steemitimages.com/DQmPGS4NFos8KZvW7KRjkYs21czufu92Vr9qooFwGNJm5vc/Analysis_Logo%20Resize.png)
### In my last update, I told you bitcoin was ripe for a correction. Since then, bitcoin tested and was rejected off the $6,540 resistance. It has since corrected back to roughly $6,410. 
![Screen Shot 2018-11-08 at 12.25.31 PM.png](https://cdn.steemitimages.com/DQmWxmgeu6zxMwJiRrTaUMyyK3vhDXxzN3hN5rmB1NGNWqk/Screen%20Shot%202018-11-08%20at%2012.25.31%20PM.png)
### The daily chart shows price finding support on the 8 day EMA. 
![Screen Shot 2018-11-08 at 12.26.13 PM.png](https://cdn.steemitimages.com/DQmazhX5GtQJNHUbD6g3iggvV2hWhhuVVRncY4LBcYK7oY4/Screen%20Shot%202018-11-08%20at%2012.26.13%20PM.png)
### Regardless of short term price movement, I think it’s important to keep in mind the big picture. Zooming out on the monthly chart (LOG Scale), we can see price is approaching the larger ascending support that’s been in place since the end of 2011. This would suggest a large bounce by the end of November. If price breaks below this support, it may signal new 2018 lows to follow. Either way, probability suggests a new trend will be established this month.
![Screen Shot 2018-11-08 at 12.27.09 PM.png](https://cdn.steemitimages.com/DQmaxjGMV2ob8qZKxAV5besBesgCSJTRBKsQw8JPG1zPbUD/Screen%20Shot%202018-11-08%20at%2012.27.09%20PM.png)
### In today’s video analysis I discuss, where price may go from here, traps to avoid and so much more. I hope you find it helpful. 
## Video Analysis:
https://youtu.be/2CttxnvEBpk
#### *If you don’t see the above video, navigate to TIMM (https://mentormarket.io/profile/@workin2005) or Steemit in order to watch.*

**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:**
![upvote.gif](https://steemitimages.com/DQmRhDtjokAZnGKi4QwheqksKTFo6m4fsjMYsNNrsitC1xk/upvote.gif)

**Open an Account on Binance here:**
*https://www.binance.com/?ref=16878853*

**Support the Crypto Ecosystem with Brave Browser:**
*https://brave.com/wor485*

**Twitter handle is @Workin2005 and Facebook is https://www.facebook.com/Workin2005**

---
**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>
👍 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,