Bitcoin broke up and out of the wedge it was consolidating in. It found resistance right inside the golden pocket (between the 0.618 and 0.65 fib) I’ve discussed in the past. While we’re seeing a small increase in volume, overall daily volume remains fairly weak.
Looking at the daily chart, price is bumping up against the upper Bollinger band. This, along with the golden pocket, is providing a strong area of resistance. Bitcoin is now above the 50 Day MA on the daily chart. Let’s see if today’s candle can close above the 50 Day MA.
Longs have been stacking for the past 10 days. Currently shorts are falling off the board. If this continues, while volume remains weak, watch out for a possible bull trap.
In today’s video analysis I discuss, key areas to watch, where price may be heading next, traps to avoid and so much more. I hope you find it helpful.
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!
Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research before investing.