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.

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:

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

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
11 votes, average: 4.64 out of 511 votes, average: 4.64 out of 511 votes, average: 4.64 out of 511 votes, average: 4.64 out of 511 votes, average: 4.64 out of 5 (11 votes, average: 4.64 out of 5)
You need to be a registered member to rate this.
(1656 total tokens earned)
Loading...

Responses

  1. TIMM

    Nice trade on BTC. You never can blow up an account by taking profit. Folks get upset when they miss a top, but end up waiting until it becomes a bottom. Great example of a plan for profit, taking it and preparing for the next opportunity.
    How do you choose to short BTC?

    (1)
    1. Workin2005 Post author

      Thanks TIMM. The plan was to go long at $3,800 targeting $4,000, but taking investment off the board at $3,900. Then short between $4,000 and $4,100. I explained in the prior 2-3 videos my logic for this. Shorts were stacking as longs were slowly dropping this past week. Strong volume and support at $3,800, coupled with the tightening price range helped my thought process but really too much to explain here…but you’ll find it in the prior videos if you can stand my voice for that long. lol

      (1)
      1. TIMM

        Thanks Workin. For shorting, I didn’t ask it well. The question was more about what vehicle, instrument or site you use. Do you use puts or do you have another way to go about shorting?

        (1)
  2. CryptosDecrypted

    Sound analysis on the current state of play for BTC @workin2005. Agree with your caution re choppy market conditions. I’m sitting on a long position I entered on the last dip to 3.8…moved stop to break even and looking for a pop to 4.05..loe probability trade but since break-even I’m going to let it run….Daily closed strong.

    (2)
    1. Workin2005 Post author

      Shorts stacking isn’t at all bad. It just messes with my plan to short at $4,100 I had been referring to. 😉
      If price hits that zone and shorts are still stacking with heavy volume, the lip could be blown off.

      (0)