As predicted in my last update, bitcoin broke up and out of the bullish ascending triangle in which it was consolidating. It found resistance right at the top of the prior order structure created back in November of 2018. Daily volume has spiked above $16 billion.
Shorts are still stacking while longs are stagnant.
We’ve finally seen the 50 day MA cross above the 200 day MA (Golden Cross). While this is an extremely bullish sign overall, it doesn’t come without major warnings.
In today’s analysis I discuss those major warning signs, where I think price is going from here, 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: This is NOT financial advice.
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