The technical setups posted below use simple trend detection, support and resistance, channels, pattern and candle analysis. We aim for high-probability trade setups on BTCUSD and use very few indicators. All charts use BNC’s Bitcoin Liquid Index for maximum accuracy.
The timeframe for trades is 1 to 7 days, so we’ll use 4h candlesticks. Bitcoin is best traded as a purely speculative commodity on 4h+ timeframes.
This section is based on internal (anonymized) Whaleclub trading data and is published exclusively on BNC.
Current Active Long vs Short Volume Ratio: 3.83:1
Average Active Long vs Short Volume Ratio: 2.5:1
We still observe an excess in active long volume relative to the average. Market players are relatively bullish, but much less so than last week where our ratio was above 5:1. As price has been range bound over the past few days, impatient longs who were expecting a quick jump in price were left disappointed, and exit their positions.
The average weighted long entry price is $458.20, which means that on average, current active longs are about even (not losing but not profitable either). Players who bought the $465-$470 area have exited their positions, with the expectation of further