Yesterday I pointed out a bullish looking candle that was NOT backed up by volume. I told you to be careful as this was a sign of a bull trap. Hours later, we all heard the news of the SEC delaying the ETF decision. This sent the market into a nose dive.
I’ll keep repeating this...until new investors enter the market, bitcoin will not be able to sustain a longterm bull run. It’s not possible. You’ll know when new investors are coming in by the daily volume. When we see daily volume break $10 Billion, you’ll know a longer term bull run is underway.
Pulling out to the weekly chart, we can see price has been operating within a wedge. As bitcoin approaches the apex of this wedge, a breakout becomes more likely. In my opinion, it looks like we might see this happen sometime in late September. If price breaks below the $5,775-$5,330 demand/support zone, the next relevant support isn’t until $4,700.
In today’s video update, I discuss short and long term price movement. I give you my perspective on the overall market, tell you how I plan to trade in the short term and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or https://mentormarket.io/profile/@workin2005?aff_id=Workin2005 in order to watch.
BIAS:
Short Term: Slightly Bearish
Longterm: Very Bullish
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
If you found this post informative, please:
If you don’t have an account on Binance, I STRONGLY recommend getting one. They’re usually the first to get reputable coins, have excellent security and second to none customer service. Sign up here free of charge: https://www.binance.com/?ref=16878853
Brave is one of the safest, ad free browsers ever created. It helps support the crypto ecosystem by awarding content providers with BAT tokens. Join the revolution and download the latest version here, free of charge: https://brave.com/wor485
Follow me on Twitter (handle is @Workin2005) and Facebook to receive the latest updates. https://www.facebook.com/Workin2005. Also, make sure to check out TIMM (Traders & Investors Mentor Market), a STEEM based platform for traders and investors of all levels. You can find the link to TIMM below.
Published on
by Workin2005