Bitcoin has broken out of the wedge it’s been consolidating in over the past couple weeks. It’s risen from $3,690 to about $3,900 at the time of writing this post.
We aren’t yet seeing the kind of volume we need to sustain a bull run. Currently overall volume is just above $5.2 Billion. I’d like to see it at least above $8 Billion on a consistent basis.
Shorts have dropped, while longs are stacking fairy significantly. If longs continue to rise and volume remains weak, market makers may drive price down to liquidate these new long positions.
In today’s video analysis I discuss,
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