Sorry, I've been a bit less active recently, I had a wedding to attend and have been out of the country celebrating New Years. I hope everyone has had an incredible holiday and cheers to crypto in 2019!
Right now Bitcoin is making a major decision. After breaking out of a recent falling wedge and scoring a nice pump, Bitcoin once again faces the major $4,000 resistance. As I was watching the price action the past few hours, I noticed there is a significant lack of volume as we continue to test the $4,000 level and it really looks like we are struggling to hold above that price. That being said, things could go two ways.
If we see more volume push in and the daily candle closes over $4,000 there is a chance that we can go shooting for $4,100. This is the less likely scenario right now, so if you are opening a long I would set a very tight stop loss.
The more likely scenario is that $4,000 get rejected and the price corrects a bit. If this occurs, I think our next targets are roughly $3,940 - $3,900 - $3,847 - $3,780 - $3,690. I will personally be opening a short here at $3,990 with a stop loss at around $4,040.
Good luck everyone and welcome to a new year in Bitcoin!
Right now Bitcoin is making a major decision. After breaking out of a recent falling wedge and scoring a nice pump, Bitcoin once again faces the major $4,000 resistance. As I was watching the price action the past few hours, I noticed there is a significant lack of volume as we continue to test the $4,000 level and it really looks like we are struggling to hold above that price. That being said, things could go two ways.
If we see more volume push in and the daily candle closes over $4,000 there is a chance that we can go shooting for $4,100. This is the less likely scenario right now, so if you are opening a long I would set a very tight stop loss.
The more likely scenario is that $4,000 get rejected and the price corrects a bit. If this occurs, I think our next targets are roughly $3,940 - $3,900 - $3,847 - $3,780 - $3,690. I will personally be opening a short here at $3,990 with a stop loss at around $4,040.
Good luck everyone and welcome to a new year in Bitcoin!