Bitcoin Price Analysis — Breakout imminent

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.

Market Sentiment

This section is based on internal (anonymized) Whaleclub trading data and is published exclusively on BNC.

Current Active Long vs Short Volume Ratio: 2.72:1

Average Active Long vs Short Volume Ratio: 2:1

We have a 72% excess in active long volume relative to the average. The average weighted long entry price is $415.8, which is a little lower than the current market price – this means that on average, active longs are in the green.

Sentiment is bullish, like last week, but the underlying data has evolved from a short position majority to a long position majority. Large amounts of shorts have closed as they banked on Monday’s $10 price dump. The market is preparing for a breakout from consolidation above the key $430 level.

Macro Key Points

This section is an

Read more ... source: TheBitcoinNews