In my last bitcoin update, it looked like price was getting ready to move. We discussed the possibility of a bull trap. That’s exactly what happened. Price initially broke up and out of the wedge it was consolidating in, hit the top of the order block and reversed course. It’s now sitting at around $5,000. This is a very relevant psychological support. If $5,000 is decisively broken, I believe bitcoin will quickly drop to at least $4,600.

Zooming out on the weekly chart, we can see $4,600-$4,100 is a fairly strong area of support.

What I find interesting is…market makers were driving price down looking to liquidate long positions (stop hunt). THEY FAILED. Long positions not only held strong, they’re actually stacking.

Short positions are also stacking.

In today’s video analysis I discuss, where price may be heading next, market psychology, buying strategy 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

Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research before investing. 

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Responses

  1. Zeus69

    Hey workin, another great analysis my friend, you certainly know your stuff, keep it up buddy, thanks for the informative TA.
    Please can you possibly do one on EOS, and ETH sometime? P.S. I know they follow BTC but just interested in what the general market is doing other than BTC.
    Regards,
    Mark (Zeus69)

    (2)
  2. Paul Oluwanisola

    As always, a good TA.
    I think we should pray the $5,000 support didn’t get broken as price under this area is considered nor profitable to miners and we know how miners are so integral to bitcoin survival which will also determine the fate of all cryptocurrency.

    (1)