Bitcoin had been getting squeezed within a smaller wedge for weeks. It finally made a larger move, crashing below the ascending support. It fell as low as $6,220 before being quickly pushed back above 6,280…a well known area of support.

Zooming out on the daily chart, we can see bitcoin also bounced off the larger descending resistance line that’s been holding it down for most of 2018.

Short positions are stacking while longs are predictably falling off.

In today’s video analysis, I discuss where price may go from here, traps to avoid, market psychology and 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

    Absolutely brilliant analysis of the BTC situation at the moment, thanks @workin, even I understood everything you explained.
    Great TA, keep em coming.
    Will have to rate tomorrow but full marks awarded in words thus far.
    all the best,
    Mark (Zeus69)

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