CryptocurrenciesStocks

Bitcoin Technical Analysis: PRICES SPIKE, BUT DON’T GET COMFORTABLE YET

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.

Screen Shot 2019-01-14 at 12.29.43 PM.png

This latest rise in price also came with a drop in long positions. In other words, traders to profit. This is a healthy sign.

Screen Shot 2019-01-14 at 12.31.25 PM.png

Unfortunately, overall daily volume remains low at around $5.4 Billion.

Screen Shot 2019-01-14 at 12.32.11 PM.png

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.

Screen Shot 2019-01-14 at 12.30.23 PM.png

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:

upvote.gif

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

Related posts

The Sunday Crypto Recap – Down the Rabbit Hole 91

cryptos-decrypted

Cryptos Look to be Bouncing Off Support

scaredycatguide

Crypto Contest May 14: Ruff

Markus Aarnio

Get involved!

Comments

No comments yet
Skip to toolbar