In my last update I discussed how the $5,450 support needed to hold. While price has wicked through it a few times, we’ve seen no decisive break as of yet. If this zone does break down, there’s not much support between $5,450 and $4,600.
Bitcoin is currently consolidating, while getting squeezed. Zooming in on the 4 hour chart, we’re seeing lower highs and higher lows. This suggests it’s getting ready to move again within the next 24-48 hours.
Short positions are falling. This suggests retail investors are taking profit.
Long positions are stacking.
As you can see, longs outweigh shorts by a decent margin. This suggests market makers may try to liquidate those long positions. In today’s video analysis I discuss, where price may go next, traps to avoid, market psychology and so much more. I hope you find it helpful.
Side note: I’ve been sick for the past 2 days. If I sound tired in the video, that’s because I am.
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!
Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research before investing.
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