Bitcoin’s price spiked from a low of $3,480 to $3,700. It’s currently trading around $3,670 on Coinbase. We know $3,600 was acting as a strong support before prices dropped 2 days ago. Often when a support is broken, it starts acting as resistance. In this case, when price spiked, $3,600 did not act as resistance. This gives bulls some hope for a larger rally. Let’s now see if $3,600 starts acting as support again.
This latest rise in price also came with a drop in long positions. In other words, traders to profit. This is a healthy sign.
Unfortunately, overall daily volume remains low at around $5.4 Billion.
Looking at the daily chart, we can see the 8 and 21 day EMA are converging with the 50 day MA. This is providing a lot of resistance around the $3,700 level.
In today’s video analysis I discuss, where price may be heading next, traps to avoid, possible entry points 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
If you found this post informative, please:
Open an Account on Binance here:
https://www.binance.com/?ref=16878853
Support the Crypto Ecosystem with Brave Browser:
https://brave.com/wor485
Twitter handle is @Workin2005 and Facebook is https://www.facebook.com/Workin2005
Get involved!
Comments