On today’s episode of Bitcoin Price Analysis with CryptoMedication!
Let’s dive right into it, okay?
You can see above how the price bounced nicely off of one of those plotted support points that I had drawn.
But how do I draw these support/resistance lines?
Great question. Found an awesome source on the internet though that provides a pretty solid guide on this:
Yup. Let’s continue with our analysis:
Price is virtually in the cloud for the Ichimoku here. So, it’s a meh type of situation if you’re a bull. Resistance is just barely holding.
If you’re unfamiliar with the Ichimoku — this will tell you all the information that you need to know about it — http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:ichimoku_cloud (Message me if you need a simpler breakdown on this concept.)
Overall, nothing crazy enough to make me think that there is a rally back underway at this point in time. Although, I don’t have enough to say otherwise either. So, it’s more of a ‘wait and see’ kind of situation for me.
Disclaimer: Nothing in this article is financial advice. Assuming responsibility for your own actions/choices. Thanks!
Disclaimer #2: Author does possess some amount of Bitcoin. This Bitcoin was not given to me by anyone responsible for editing/managing/marketing Bitcoin.