Bitcoin Nearing Our $11,500 Target…Can Bulls Be Stopped?

In my last update we discussed the blue sky between where bitcoin was ($10,400) and resistance at $11,500. Bitcoin continues to close in on that target, reaching a new yearly high of $11,300. Daily volume seems healthy and steady at just over $20 billion.

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Looking at the weekly, chart we can see price is again stretching the upper Bollinger band. We’re well above the 8 EMA. We can also see the gap between the 8, 21 and 55 week EMA is widening. This is a very bullish sign of strength.

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While we look very bullish longer term, we are long overdue for a 35-45% correction. As pointed out above, we’re nearing major resistance at $11,500-$11,700. We also are seeing sings of guppies in the market. As price spiked recently, longs shot up nearly 11% in 10 hours. This is the kind of thing you see when non traders enter the market…and market makers are all too willing to take their money.

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CME’s just opened up, showing yet another gap between $10,150 and $10,930. We’ve discussed the other gaps at $8,500 and $7,200. This all suggests a possible correction may be approaching in the next week or 2.

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In today’s video I discuss where price may be heading next, key areas to watch, traps to avoid and so much more. I hope you find it helpful.

Video Analysis:

If you don’t see the above video, navigate to TIMM ( or Steemit in order to watch.

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.


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