Bitcoin Technical Analysis: BULLS HANG ON…FOR NOW

by Workin | February 10, 2019 8:14 pm

Bitcoin has managed to hold onto most of it’s gains over the past 3 days. As of writing this, $3,600 is acting as support once again. Volume has slowly dropped off as many are waiting to see if this was a bull trap.

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Looking at the daily chart, we can see price found resistance right at the upper Bollinger band. This corresponded almost perfectly with the 50 day MA (Orange line). A decisive break about the 50 day MA (on the daily chart) would be significant IMO.

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Long positions remain stacked while shorts have fallen off significantly. This low volume market makes it easy for market makers to drive price down and liquidate long positions.

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In today’s video analysis I went a little longer than usual. I discuss government fiat and why accumulating now may be a very good idea, where prices may 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/[1]) 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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Endnotes:
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