Bitcoin had been consolidating within a larger wedge since November 20th. Today it broke down and out of that wedge. It found support right on top of the prior support zone between $3,800 and $3,600. If price breaks below this zone, we could see a quick drop to at least $3,400.
This latest drop could be a bear trap. Shorts are outpacing longs by about 30%. If this gap gets much wider, we could see a massive short squeeze.
In today’s video analysis I discuss, where price may go from here, key areas to watch 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!
Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research before investing.
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/joinchat/IQ5QKE6dBdfShFIIclhonQ
Subscribe to Workin’s channel here: