Bitcoin Technical Analysis: BREAKOUT

in #cryptocurrency2 years ago (edited)

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Bitcoin had been getting squeezed within a smaller wedge for weeks. It finally made a larger move, crashing below the ascending support. It fell as low as $6,220 before being quickly pushed back above 6,280...a well known area of support (Prices vary on different exchanges. I’m using Bitfinex).

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Zooming out on the daily chart, we can see bitcoin also bounced off the larger descending resistance line that’s been holding it down for most of 2018.

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Short positions are stacking while longs are predictably falling off.

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In today’s video analysis, I discuss where price may go from here, traps to avoid, market psychology and MUCH more. I hope you find it helpful.

Video Analysis:

If you don’t see the above video, navigate to TIMM ( 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!


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Twitter handle is @Workin2005 and Facebook is

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by Workin2005


Hoping shorts will stop going up. What do you think?

Posted using Partiko iOS

As shorts rise and longs drop, there’s more chance for a short squeeze.

Just got some before logging on :)

Hope it works out.