Bitcoin has broken out of the wedge it’s been consolidating in over the past couple weeks. It’s risen from $3,690 to about $3,900 at the time of writing this post.
We aren’t yet seeing the kind of volume we need to sustain a bull run. Currently overall volume is just above $5.2 Billion. I’d like to see it at least above $8 Billion on a consistent basis.
Shorts have dropped, while longs are stacking fairy significantly. If longs continue to rise and volume remains weak, market makers may drive price down to liquidate these new long positions.
In today’s video analysis I discuss, where price may go from here, traps to avoid 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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