Bitcoin Breaks Out, Testing Major Area of Resistance
Yesterday we discussed another bullish ascending triangle bitcoin was painting, suggesting a break to the upside. Today, we watched bitcoin break out and up, almost hitting our lower target of $11,500. It has since dropped back down to test the top of the ascending triangle (about $11K) which did act as support. Daily volume remains strong at just above $22 billion.
Zooming out on the weekly chart, we can see bitcoin is hitting a major area of resistance between $11,500 and $11,700. If you watch my videos, you know we’ve been discussing this area for awhile now. It will be a major test for bulls.
In today’s video I answer some your questions on various altcoins among other things. Of course we’ll also analyze bitcoin, discuss where price may be moving next, traps to avoid and so much more. I hope you find it helpful.
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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