Yesterday Bitcoin tried breaking above the $4,120 resistance on Coinbase. While price was able to briefly wick above, it was unable to decisively penetrate. The bears quickly pushed it back below $4,000. Even though we watched price drop nearly $400 in 4 hours, volume remains relatively strong in comparison to just 2 weeks ago. In fact, we’ve seen the highest daily volume in at least 9 months over this past week.

Looking at the daily chart, we can see price found support right on top of the 21 day EMA.

In today’s video analysis I discuss if this latest drop looks more like a continuation of the downtrend, or a possible bear trap. I’ll also go over where price could 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:

Subscribe to Workin’s channel here:
https://www.youtube.com/channel/UCJqGczdWE99ORopJ5ZUDauA

Have you checked out Trybe.one yet?

Subscribe to Trybe TV here:

https://www.youtube.com/channel/UC2ceaswIsdTicbGBHpxEIDQ

We are looking for established and up and coming YouTubers to contribute to our channel. Submit your articles here https://trybe.one/contact-us/ for consideration.

Drop by our telegram here:

https://t.me/trybe_one


Your Remaining Votes (within 24hrs) : 10 of 10
9 votes, average: 5.00 out of 59 votes, average: 5.00 out of 59 votes, average: 5.00 out of 59 votes, average: 5.00 out of 59 votes, average: 5.00 out of 5 (9 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
(1800 total tokens earned)
Loading...

Responses

    1. Workin2005 Post author

      Looking at the big picture, there’s a lot of be optimistic about. Even if prices continue to drop in the short term, the signs of coming adoption are popping up all over the place. It’s only a matter of time before the market turns around IMHO.

      (0)