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).

Screen Shot 2018-10-11 at 11.25.00 AM.png

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.

Screen Shot 2018-10-11 at 11.25.42 AM.png

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 (https://mentormarket.io/profile/@workin2005) 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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Twitter handle is @Workin2005 and Facebook is https://www.facebook.com/Workin2005


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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.