Cryptocurrencies

Bitcoin Technical Analysis: BREAKOUT…BE CAREFUL

In my last update, I told you bitcoin had reached a decision point. It was pushed up against 3 areas of major resistance with a fair amount of volume. A breakout was clear, it was only a matter of direction.

Earlier today, bitcoin finally broke above the $4,120 resistance, reaching new 2019 highs. It did so with a major surge in volume…the likes of which we haven’t seen since January of 2018. Bitcoin finally found resistance just below the 0.618 fib level measured off the prior $6K breakdown in 2018.

Screen Shot 2019-04-02 at 10.47.43 AM.png
Screen Shot 2019-04-02 at 10.48.40 AM.png

This nearly $1K move happened in under an hour. There’s no question a lot of it was manipulation and market makers squeezing shorts.

Screen Shot 2019-04-02 at 10.49.50 AM.png

While this is a clear win for bulls, beware of a bull trap. In today’s analysis I discuss traps to avoid, key areas to watch, where price may be heading next and so much more. I hope you find it helpful.

*Video Correction: At 15:05 I reference “Bull market”. Should say “Bear market”.

Video Analysis:

If you don’t see the above video, navigate to TIMM (https://mentormarket.io/workin/) 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!

Workin

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Twitter handle is @Workin2005 and Facebook is https://www.facebook.com/Workin2005
Feature Image By: Saul Gravy

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