In my last update, I told you bitcoin had reached a decision point. It was pushed up against 3 areas of major resistance with a fair amount of volume. A breakout was clear, it was only a matter of direction.
Yesterday, bitcoin finally broke above the $4,120 resistance, reaching new 2019 highs. It did so with a major surge in volume…the likes of which we haven’t seen since January of 2018. Bitcoin finally found resistance just below the 0.618 fib level measured off the prior $6K breakdown in 2018.
This nearly $1K move happened in under an hour. There’s no question a lot of it was manipulation and market makers squeezing shorts.
While this is a clear win for bulls, beware of a bull trap. In today’s analysis I discuss traps to avoid, key areas to watch, where price may be heading next and so much more. I hope you find it helpful.
*Video Correction: At 15:05 I reference “Bull market”. Should say “Bear market”.
Video Analysis:
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!
Workin
Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research before investing.
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Feature Image By: Saul Gravy
