Bitcoin Price Analysis — Buy the Dip

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, although I’ll briefly describe a shorter-term scalp setup.

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: 4.6:1

Average Active Long vs Short Volume Ratio: 2.4:1

We have a 90% excess in active long volume relative to the average. The average weighted long entry price is $417.62, which is only slightly higher than the current market price.

Sentiment is bullish, although longs are slightly underwater. The risk of a long squeeze is above-average due to the high long ratio, and this risk will increase if price continues to drop. A broader long squeeze may take effect if price breaks down below the key $400 support level.

Macro Key Points

This section is an overview of news headlines or

Read more ... source: TheBitcoinNews

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