Bitcoin Technical Analysis: BULLS HANG ON...FOR NOW
Bitcoin has managed to hold onto most of it’s gains over the past 3 days. As of writing this, $3,600 is acting as support once again. Volume has slowly dropped off as many are waiting to see if this was a bull trap.
Looking at the daily chart, we can see price found resistance right at the upper Bollinger band. This corresponded almost perfectly with the 50 day MA (Orange line). A decisive break about the 50 day MA (on the daily chart) would be significant IMO.
Long positions remain stacked while shorts have fallen off significantly. This low volume market makes it easy for market makers to drive price down and liquidate long positions.
In today’s video analysis I went a little longer than usual. I discuss government fiat and why accumulating now may be a very good idea, where prices may be heading next, traps to avoid and so much more. I hope you find it helpful.
Video Analysis:
If you don’t see the above video, navigate to TIMM (https://mentormarket.io/workin/) 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
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Published by Workin
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I'm guessing it will drop around midweek, whether by liquidating longs or by other means.
I most certainly agree that accumulating now is a smart move.
Yeah...if longs continue to stack while shorts drop, we’ll very likely see a drop.
Good
Thanks