It's been a while since I did an old fashioned technical analysis talk on Bitcoin here on this blog, so I thought that this recent pump to 7.1k might be a great time to do so.

So let's get started!

Ok. First, a chart.

As we can see, BTC's price dropped to a low of about 5.8k and then proceeded to form a few bullish candles with a lot of volume between then, with the last 3 candles forming a "three white soldiers" pattern.

This chart pattern usually signifies that an uptrend would be coming soon, but first there would have to be a correction.

And this is why many people fail to profit off this pattern. Because they fail to realise that there has to be a correction first, and then the uptrend.

And so the correction in this case happened to be a range of price, with neither buyers nor shorters having an obvious edge over the other. It was kind of like a tug of war between two equally powerful opponents.

Then ANOTHER three white soldiers pattern formed, and for a very special reason.

I'll tell you why I, and many other analysts feel that the price pumped.

We feel this way because during this lock in , many people have no other thing to do. Yes, many people work from home, but those that don't have no option but to trade. This includes noobs also, who are just getting started with bitcoin trading.

It was these factors combined that led to the volume on Binance doubling to over 1 billion dollars as BTC pumped from outta nowhere to 7.1k.

Prices have since calmed down, and there was a pretty "red candle rich" correction down to the levels we're currently at.

In my opinion, since the volume hasn't left the market yet, I feel that the price might go up a few points during the week before proceeding to dump due to shorters entering the market.

However for now, I remain bullish on Bitcoin.

Thanks for reading.