Bitcoin Technical Analysis: IS THE BOTTOM IN?

Bitcoin was able to break back above the critical $4,000 price point. It’s currently trading around $4,160. We’re seeing an uptick in volume, with buyers stepping in when price pulls back. This is at least a temporary sign of strength.

Looking at the daily chart, we can see price broke above the 8 day EMA. If the daily candle closes above the 8 day EMA, it’ll be another positive sign the bulls are strengthening.

Shorts are stacking, out pacing longs by about 20%. If this gap widens above 30%, we may see a major short squeeze. Conversely, if longs start to out pace shorts, we could see price drop back below $4,000…especially if volume drops. In today’s video analysis I discuss, where price may be heading next, traps to avoid, key areas to watch and so 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

Open an Account on Binance here:

https://www.binance.com/?ref=16878853

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Twitter handle is @Workin2005 and Facebook is https://www.facebook.com/Workin2005

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