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.
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.
Please subscribe to Workin’s Youtube 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/joinchat/IQ5QKE6dBdfShFIIclhonQ