Bitcoin has broken above the $3,600 resistance, and is now testing $3,800. This breakout was backed by a very bullish increase in volume.
Looking at the daily MACD, we’re seeing some slight bearish divergence. This suggests we could see a pull back. Should that happen, I’d watch for support around $3,700-$3,650.
The daily chart also shows price breaking above the 50 day MA. If the daily candle closes above the 50 day MA, it’ll be a good indication this latest breakout has legs…at least temporarily.
In today’s video analysis I go a little more in-depth. I discuss market psychology, where price may go next, traps to avoid and so much more. I hope you find it helpful.
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!
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