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:
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
Published On TIMM:


The slow climb and drop, will eventually change I am sure of it, might be a shock sooner than later IMO.
Thanks for sharing as usual bud!
Regards,
Mark (Zeus69)
I will be back to rate;)
As promised – rated.
Thank you 😉
Regards,
Mark (Zeus69)
Thanks Mark!
Thanks @zeus69. There needs to be a catalyst of some kind. The obvious one would be ETF approval…or even the credible hint of approval. Countless investors are sitting on the sidelines, waiting to pounce. IMHO, this market will begin it’s run after just 1 of 2 things happen…
1. Development/approval of a safe onramp for institutional money
OR
2. Price dropping low enough to attract new money.
Thanks for your knowledgeable response my friend, I am certainly no institution or have enough fiat to pounce. I will buy in when I can, 😉
Thanks bud
Regards,
Mark (Zeus69)
Ah, my patience is severely challenged! But i sense a some slight optimism from your tone of voice 😉
I’ve become numb to it at this point. I’m operating like a robot…accumulating a set amount every month, and very conservatively day trading the rest. Once we see a major influx of volume, and a break back above 5K, I’ll start to get excited. 😉
Lo avevo anche scritto in un commento ad una tua analisi, che era nell’aria un bel movimento ampio! Speriamo che adesso continui!
Vedremo. Al momento, il volume è ancora relativamente basso. Grazie per aver fermato @miti!
Sometimes I wonder if this bear market will ever come to an end 😀 I don’t expect to see 20k anytime soon but going back to 5 – 10k would be nice for a change
It’ll end…it just might take major news (like ETF approval) to bring new money into the market. Thanks for commenting @candyman 😉
Excellent BTC update – testing 3.6k right now. Volume ticking back up. Cheers @workin2005. Rate later.
Thanks @cryptosdecrypted!
Rated
thanks for the update @workin2005
My pleasure @gabriel
I really want to see bitcoin break the 10,000 $ mark again @workin2005
It’ll get there. Until then, enjoy the sale. 😉
still very much open for market manipulation, which is not good for BTC reputation. let’s hope more serious player come on board.
We’ll see institutional money jump onboard as soon as there’s a safe onramp.
I want the bear market to remain for some time ! So we can have time to stuck up more crypto!
Haha…I hear you Mary. 😉
I’ve heard that the SEC may be coming round to an ETF approval, but I’ll believe it when it happens.
Exactly. Until it happens, I won’t hold my breath.
Excellent mate!!
Appreciate it @dexpartacus
Great article Bro!
Thanks @viperblckz
the knowledge i get from your blog is priceless. Its always worthwhile reading your analysis. Good work @@workin2005
Thank you Victor. I appreciate that.
Nice work man! best regards
Thanks @sullexbee
Always in good analysis and very helpful for many users.
Thank you for sharing this information
My pleasure. Thanks for the kind words @zulhelmiibir
Thanks for the update
😉
Nice post