Bitcoin Technical Analysis: ARE THE BULLS BACK?

Workin2005 Updated
 
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Bitcoin just broke above a key resistance at $4,120. It now seems to be acting as support. There’s strong resistance (supply zone) between $4,315 and $4,400.

Looking at the daily chart, we can see price approaching the 50 Day MA. It’s also hitting the top daily Bollinger band. Between the top daily Bollinger band and the $4,400 resistance, bitcoin has some work to do. A break above the 50 Day MA (on the daily chart) would be an extremely bullish sign of strength if confirmed with volume.

In today’s video analysis I discuss where price may be heading next, traps to avoid and so much more. I hope you find it helpful.

Video Analysis:

https://youtu.be/KjOiXd6W4Qg

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

Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research before investing. 

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