Cryptocurrencies

Bitcoin Technical Analysis: Continuation of the Bear Market or Bear Trap?

Yesterday Bitcoin tried breaking above the $4,120 resistance on Coinbase. While price was able to briefly wick above, it was unable to decisively penetrate. The bears quickly pushed it back below $4,000. Even though we watched price drop nearly $400 in 4 hours, volume remains relatively strong in comparison to just 2 weeks ago. In fact, we’ve seen the highest daily volume in at least 9 months over this past week.

Screen Shot 2019-02-25 at 1.32.18 PM.png
Screen Shot 2019-02-25 at 1.47.56 PM.png

Looking at the daily chart, we can see price found support right on top of the 21 day EMA.

Screen Shot 2019-02-25 at 1.33.25 PM.png

In today’s video analysis I discuss if this latest drop looks more like a continuation of the downtrend, or a possible bear trap. I’ll also go over where price could be heading next, 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 (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

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