Bitcoin Technical Analysis: THE BEARS HIT BACK

by Workin | January 10, 2019 4:15 pm

In my last update, I warned market makers may push price down to liquidate long positions. We had longs stacked and shorts falling off with extremely low volume. This was all a recipe for at least a temporary drop in price. Today we saw that happen as price dropped from $4,050 to as low as $3,750. It’s currently trading around $3,780 on Coinbase.

Screen Shot 2019-01-10 at 10.51.02 AM.png

Looking at the daily chart, we can see price found support right on top of the 50 Day MA. If it decisively breaks below, I think a drop to at least $3,600 will become likely.

Screen Shot 2019-01-10 at 10.51.46 AM.png

While some long positions were liquidated by this latest drop in price, overall all, longs still remain stacked. Shorts remain mostly unaffected.

Screen Shot 2019-01-10 at 10.52.42 AM.png
Screen Shot 2019-01-10 at 10.52.29 AM.png

In today’s video analysis I discuss, where price may go from here, 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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