Bitcoin took out the prior local high, rising to nearly $8,300 before bears stepped in to push it back down. It’s currently trading within a major area of resistance between $8,250 and $8,150. Until we see a 4 hour candle open and close above this resistance, be aware of a possible bull trap. That said, price did break out on a decent amount of volume. The fact it hasn’t been strongly rejected is significant. Should we see a 4 hour candle open and close above $8,150, I’d have to favor the bulls with another move up testing $8,450.
Price is now above the 21 day EMA. If today’s candle closes above it, that would signal a bullish shift in momentum...at least short term.
If you’ve been watching my video’s, you know we’ve been discussing the gap on the CME chart between $7,200 and $7,450. This is likely to get filled at some point, even if bitcoin does rise in the short term.
In today’s video I’ll discuss where price may be heading next, key areas to watch, 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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