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.

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. 

Subscribe to Workin’s 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/trybe_one

28 votes, average: 5.00 out of 528 votes, average: 5.00 out of 528 votes, average: 5.00 out of 528 votes, average: 5.00 out of 528 votes, average: 5.00 out of 5 (28 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
(5469 total tokens earned)
Loading...

Responses

  1. Conceptskip

    Just as you told me as a comment to your last post, real movement will require some breaking news, but all we’ve got is Bakkt being delayed, so not much to expect soon is there?
    2 questions, if i may:
    1) you are regularly referring to market makers when talking about longs and shorts, who is this in crypto and what’s the setup?
    2) What would be your expected trading range for BTC if there are no major news at all, and BTC would go sideways, and moderately rise at best, would that be a 3K-6K range? Or narrower?

    (1)
    1. Workin2005 Post author

      Market makers are those small minority of traders playing with huge positions. They have the ability to move the market. They’re constantly trying to liquidate retail positions. The lower the volume, the more easily this is done.
      As far as a trading range, I think at the moment $5K to $3K is likely…but that’s really pure speculation. If the market continues to stagnant with no major news, I think it’ll eventually collapse to sub $3K…possibly as low as $1,200. I’ve discussed this in the past. It might even take a major drop like that to attract new money and spark a real bull run.
      My hope is that we see a safe on ramp for institutional money (i.e ETF’s, etc.) in the first quarter of 2019. The second that happens, I think the market will take off in a way that’ll dwarf the 2017 bull run.

      (0)
      1. Conceptskip

        Thx for making this clear abotu Market makers, i was asking because i know the term from off-chain exchanges where it is an explicit function, but more to guarantee liqudity of the market (at least that’s the intention).

        (1)