Bitcoin rose out of the wedge it had been consolidating in over the past month. It’s now hitting resistance at $3,900.
Just prior to the decisive break out, market makers ran a stop hunt that pushed price up to $3,905 and back down to $3,775 before returning to baseline. This happened in under 30 mins.
As price has been on a slow uptick, shorts have been stacking.
Looking at the daily chart, we can see the Bollinger bands are starting to bottleneck.
In today’s analysis I discuss, key areas to watch, 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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Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research before investing.
Feature Image By: Saul Gravy
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