Bitcoin Technical Analysis: PRICE RISES BUT VOLUME REMAINS WEAK
Bitcoin has broken out of the wedge it’s been consolidating in over the past couple weeks. It’s risen from $3,690 to about $3,900 at the time of writing this post.
We aren’t yet seeing the kind of volume we need to sustain a bull run. Currently overall volume is just above $5.2 Billion. I’d like to see it at least above $8 Billion on a consistent basis.
Shorts have dropped, while longs are stacking fairy significantly. If longs continue to rise and volume remains weak, market makers may drive price down to liquidate these new long positions.
In today’s video analysis I discuss, where price may go from here, 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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Published by Workin
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So what's the impact of prices rising on weak volume, is it a fake move up or just no convictions?
With volume so low and longs stacking...I think it may be a bull trap.
Totally agree with you, let’s watch investors’ positioning.
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If Bitcoin were to be of any real world use there would need to be an entire economy based on Bitcoin that wouldn't value just as much the exchange rate. The only use of Bitcoin for the last years was speculating, even making purchases on it were impractical since I could pay the equivalent of 30 dollars with it just to find out that 2 weeks later it was worthy 100 dollars or receive it as payment just to find the 30 dollars I received turned into 10. This thing is no better than Ponzi Scheme.
Happy New Year! ;-)