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:

 


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Responses

    1. Workin2005 Post author

      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.

      (2)
    1. Workin2005 Post author

      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. 😉

      (1)