Bitcoin is once again testing the top of what appears to be a bullish ascending triangle. In my last update we discussed expecting resistance around $5,350. Daily volume remains relatively strong at just above $13 billion.
At the moment, most analysts are monitoring the 50 and 200 day MA. Will we get a Golden Cross?
Shorts have been stacking over the last 48 hours while longs are dropping. This does suggest a break up...at least temporarily to liquidate short positions.
While things are looking good for bulls overall, the bears may not yet be done fighting.
In today’s analysis I discuss the bullish and bearish case for bitcoin. I tell you where I think price is heading in the short, medium and long term, as well as where my buy orders are waiting. We’ll also review traps to avoid and much more. I hope you find it helpful.
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: This is NOT financal advice.
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Feature Image By: Saul Gravy
