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.
Earlier today, 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:
If you don’t see the above video, navigate to TIMM (https://mentormarket.io/workin/) or Steemit in order to watch.
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
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There will be a trap. It's just the usual questions of "When?", "How big?" and "How long?". Still - it doesn't matter - BTC will blow past the level of the top of that trap all too soon.
Of course it’ll eventually break resistance. For now, I’m waiting to see if we retest the $4,200 area. Rejected pretty hard at the golden pocket. Still, it’s been impressive as hell. This just feels like possible inside trading based on some major news yet to be announced.
That's not a bad theory - boosted by a whole lot of closing shorts that could certainly be the case.
Good advices. Now we need some consolidation with upwards trend.
Posted using Partiko iOS
Love this market ;-)