In my last update we discussed the blue sky between where bitcoin was ($10,400) and resistance at $11,500. Bitcoin continues to close in on that target, reaching a new yearly high of $11,300. Daily volume seems healthy and steady at just over $20 billion.
Looking at the weekly, chart we can see price is again stretching the upper Bollinger band. We’re well above the 8 EMA. We can also see the gap between the 8, 21 and 55 week EMA is widening. This is a very bullish sign of strength.
While we look very bullish longer term, we are long overdue for a 35-45% correction. As pointed out above, we’re nearing major resistance at $11,500-$11,700. We also are seeing sings of guppies in the market. As price spiked recently, longs shot up nearly 11% in 10 hours. This is the kind of thing you see when non traders enter the market...and market makers are all too willing to take their money.
CME’s just opened up, showing yet another gap between $10,150 and $10,930. We’ve discussed the other gaps at $8,500 and $7,200. This all suggests a possible correction may be approaching in the next week or 2.
In today’s video I 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.
Discliamer: This is NOT finacial advice.
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