Technical Analysis on Bitcoin: Bulls Trying To Hang On
cryptocurrency·@workin2005·
0.000 HBDTechnical Analysis on Bitcoin: Bulls Trying To Hang On
 ### Bitcoin is consolidating within a small wedge. The bulls are fighting to defend the $6,400-$6,330 support zone. As price approaches the apex of this wedge, we may see a break in one direction or another.  ### If the bottom of wave C is in, we should see an impulse wave up. We need to see an increase and follow through with volume if this scenario is to be validated. Here's how it might play out:  ### A decisive break below the current support zone will likely drop price to the $6,145-$6,070 support zone. We may see a quick rise (bull trap), followed by a sharp drop to complete wave C. Here's how this scenario could play out:  ### We're still watching the 1 day RSI as it operates within a wedge. A break above this wedge would be a very bullish sign.  ### Looking at the 4 hour chart, we can see the 8 day EMA is acting as a strong resistance.  ### Watch my video analysis for MUCH more detail not found above. ## Video Analysis: https://youtu.be/QrERmHgqDyE **BIAS:** **Short Term: Neutral** **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** --- **Published on** <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) --- <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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