Bitcoin bulls have continued to impress, hitting another new 2019 high today of $9,430. Daily volume is steady. For the bulls to continue their run, we need to see at least a 4 hour candle open and close above $9,400.
Shorts have spiked nearly 50% in the last 10 days. This would suggest bitcoin may have more room to run in the form of a short squeeze.
Looking at the CME Futures chart, we’ve discussed the gap between $7,200 and $7,450. We’ve got another fresh gap between $8,500 and $9,050. Probability is price will eventually drop to close these gaps. That said, it doesn’t mean bitcoin won't continue up first.
In today’s video I discuss where price may be heading next, key areas to watch, traps to avoid, buy/sell targets 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.
