Bitcoin Cuts Through Resistance Like Butter
I’ve been out of town since Thursday for a family event. Of course bitcoin takes off as I’m away from my computer, unable to trade. Murphys law...You can all thank me later.
In my prior analysis., I’ve discussed a potential short squeeze numerous times. Admittedly, I did not expect price to break above $6,500 without hitting major resistance. In the past 5 days, we’ve seen a parabolic move to liquidate shorts that’s brought price as high as $7,900. Daily volume hit an all time high (on May 11th) of just above $28.8 billion. Today’s volume is just above $26.5 billion. Clearly new money is entering the market.
Shorts have finally started to liquidate as longs are stacking. If this trend continues, expect a pull back to at least $6,300. Right now, the lowest I can see bitcoin dropping is $5,000, but I think that’s unlikely in the short term.
In today’s analysis I discuss where price may go from here, key areas to watch, traps to avoid and so much more. I hope you find it helpful.
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.
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Feature Image By: Saul Gravy