On February 17th, Bitcoin had a nice bounce late in the day (early Feb 18th for some). It was nothing to get overly excited about at the time. We’ve seen jumps in price here and there over this 14 month bear market. What has been exciting is the increase in volume since that spike. Daily volume has not dropped below $7 billion since February 17th. This is the first time we’ve seen over 2 weeks of daily volume CONSISTENTLY above $7 billion in almost a year.

Bitcoin is currently trading above the $3,800 support (Coinbase) at around $3,870. We’ve seen a consistently higher daily close the past 3 days…all backed by volume.

Zooming out on the weekly chart, it’s clear the overall trend remains bearish. We’re seeing a clear bearish pennant as well as hidden bearish divergence on the MACD. Until this trend is broken, it can’t be ignored.

Screen Shot 2019-03-07 at 5.03.59 PM.png

 

In today’s video analysis I discuss, what this could mean to the overall market, where price could be heading next, 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

Published On TIMM:

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    1. Workin2005 Post author

      Thanks Mark. No doubt many are timid…and I can’t blame them after 2018. It might just take one last drop to reach levels low enough that people feel comfortable investing again.

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