Bitcoin Technical Analysis: THE BEARS HIT BACK
In my last update, I warned market makers may push price down to liquidate long positions. We had longs stacked and shorts falling off with extremely low volume. This was all a recipe for at least a temporary drop in price. Today we saw that happen as price dropped from $4,050 to as low as $3,750. It’s currently trading around $3,780 on Coinbase.
Looking at the daily chart, we can see price found support right on top of the 50 Day MA. If it decisively breaks below, I think a drop to at least $3,600 will become likely.
While some long positions were liquidated by this latest drop in price, overall all, longs still remain stacked. Shorts remain mostly unaffected.
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:
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
If you found this post informative, please:
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 by Workin
on
