Bitcoin broke up and out of the wedge it was consolidating in. It found resistance right inside the golden pocket (between the 0.618 and 0.65 fib) I’ve discussed in the past. While we’re seeing a small increase in volume, overall daily volume remains fairly weak.

Looking at the daily chart, price is bumping up against the upper Bollinger band. This, along with the golden pocket, is providing a strong area of resistance. Bitcoin is now above the 50 Day MA on the daily chart. Let’s see if today’s candle can close above the 50 Day MA.

Longs have been stacking for the past 10 days. Currently shorts are falling off the board. If this continues, while volume remains weak, watch out for a possible bull trap.

In today’s video analysis I discuss, key areas to watch, where price may 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

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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Responses

      1. AD

        Nice one. I subscribed to it earlier today. I’m actually considering doing some Youtube bounties on my Youtube channel since I still have 7000 subscribers from when I used to make music. I’m not sure how happy they’ll be when they watch a crypto video instead of music. Maybe I should write a crypto dong:) Have you done any bounties?

        (1)
    1. Workin2005 Post author

      Thanks Mark. I’m a huge fan of Stellar, but not sure I’ll enter the contest. We’re in the process of moving. Too much going on right now. Wishing you the best of luck though. I loved your XLM poem!

      (1)
    1. Workin2005 Post author

      I think it depends on when a safe on ramp is approved for institutional money…i.e ETF’s, etc. Once that happens, bitcoin will take off. Until then, we’re likely to see more of the same.

      (0)
  1. Julia Williams

    Yes my dear friend BTC is testing again some key points let’s see what happens next.

    Thank you for your beautiful review and encouragement on my achievement it’s a great success which is not possible without you my dear friend.

    (1)