Bitcoin’s price spiked from a low of $3,480 to $3,700. It’s currently trading around $3,670 on Coinbase. We know $3,600 was acting as a strong support before prices dropped 2 days ago. Often when a support is broken, it starts acting as resistance. In this case, when price spiked, $3,600 did not act as resistance. This gives bulls some hope for a larger rally. Let’s now see if $3,600 starts acting as support again.

This latest rise in price also came with a drop in long positions. In other words, traders to profit. This is a healthy sign.

Unfortunately, overall daily volume remains low at around $5.4 Billion.

Looking at the daily chart, we can see the 8 and 21 day EMA are converging with the 50 day MA. This is providing a lot of resistance around the $3,700 level.

In today’s video analysis I discuss, where price may be heading next, traps to avoid, possible entry points 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. 

25 votes, average: 4.96 out of 525 votes, average: 4.96 out of 525 votes, average: 4.96 out of 525 votes, average: 4.96 out of 525 votes, average: 4.96 out of 5 (25 votes, average: 4.96 out of 5)
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Responses

  1. Zeus69

    Great TA as usual bud, you are doing so many posts, the 2 days will not run out before I rate , LOL – will be back to rate I promise. 😉
    Cool bud, keep em coming.
    Regards,
    Mark (Zeus69)

    (1)
    1. Workin2005 Post author

      I agree…but it’s so manipulated because of the lack of regulation and low volume. If we had ETF approval, the flood of institutional money that’d enter would greatly reduce the ability to manipulate. We’ll see what happens…

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  2. Conceptskip

    Hmm… i’d side with @sandwichbill, expectations of the ETF might be exaggerated. And for BTC that leads us, where should the volume come from, and now with the crypto winter takes more and more tolls, steemit collapsing, tenx, and i think theres much more, so maybe your 1K scenario is more likely to become true. Of course i’d prefer the IBS 🙂 Thanks for the shoutout!!

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    1. Workin2005 Post author

      Without any major market moving news, I think an $1,100 bitcoin is very possible. ETF approval would send price skyrocketing, but I agree, approval may be further off than many would like to admit.
      You’re welcome for the shoutout! 😉

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  3. Nicholas

    A friend of my told me, that 200 MA is our most important protection (even if i have no idea, why is so important at all, because the TA is almost like the magic, for me), and as i see we almost hit it. So something will happen, in the very near future, i guess 🙂

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  4. Julia Williams

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    With love and respect.

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  5. Candy Man

    Well I think BTC will momentarily touch somewhere in the lows 3000 in the coming months and hopefully after that bulls will come back. Oh well, I ll do what I have been doing the past 2 years. HODL good coins and accumulate 🙂

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