Bitcoin Bullish Breakout - Increase Volume
After more than 3 weeks of sideways trading
BTC broke out of it's symmetrical triangle with a vengeance. Starting on 10/15/18 around 05:00 UTC time and lasting a mere 2 hours, BTC went from $6385.00 to $7788.00. Volume reached over 27K pushing BTC above the 50 SMA, 100 SMA and well past the descending trend line before falling back and finding support above the breakout line of $6839.00
Both BTC Shorts and BTC Longs Decreasing
BTC shorts and longs which usually trend in opposite directions are both declining which may be indecision among investors. The sudden spike in BTC prices which is being associated with the sell-off of USDT news may force a short squeeze in the BTC futures market. With futures expiring this week we may see a further increase in BTC prices,
This week may be when the trend changes
Smiling Duck
Disclosure: Author holds no BTC at this time
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