Cryptocurrencies

Bitcoin Technical Analysis: Star of the Show is Volume

On February 17th, Bitcoin had a nice bounce late in the day (early Feb 18th for some). It was nothing to get overly excited about at the time. We’ve seen jumps in price here and there over this 14 month bear market. What has been exciting is the increase in volume since that spike. Daily volume has not dropped below $7 billion since February 17th. This is the first time we’ve seen over 2 weeks of daily volume CONSISTENTLY above $7 billion in almost a year.

Screen Shot 2019-03-07 at 3.51.05 PM.png

Bitcoin is currently trading above the $3,800 support (Coinbase) at around $3,870. We’ve seen a consistently higher daily close the past 3 days…all backed by volume.

Screen Shot 2019-03-07 at 3.45.20 PM.png

Zooming out on the weekly chart, it’s clear the overall trend remains bearish. We’re seeing a clear bearish pennant as well as hidden bearish divergence on the MACD. Until this trend is broken, it can’t be ignored.

Screen Shot 2019-03-07 at 5.03.59 PM.png

In today’s video analysis I discuss, what this could mean to the overall market, 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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