Bitcoin was able to break back above the critical $4,000 price point. It’s currently trading around $4,160. We’re seeing an uptick in volume, with buyers stepping in when price pulls back. This is at least a temporary sign of strength.
Looking at the daily chart, we can see price broke above the 8 day EMA. If the daily candle closes above the 8 day EMA, it’ll be another positive sign the bulls are strengthening.
Shorts are stacking, out pacing longs by about 20%. If this gap widens above 30%, we may see a major short squeeze. Conversely, if longs start to out pace shorts, we could see price drop back below $4,000…especially if volume drops.
In today’s video analysis I discuss, where price may be heading next, traps to avoid, 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.
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