Bitcoin Price Analysis — Houston, we have liftoff

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: 3.82:1

Average Active Long vs Short Volume Ratio: 2.1:1

We have a 182% excess in active long volume relative to the average! This signals massive bullish sentiment.

The average weighted long entry price is $443.8, which means that on average, active longs are in the green.

Sentiment is highly bullish — almost exuberant. Long position volumes are very high and short positions are almost inexistent. This may be the perfect setup for a long squeeze that may result in a significant pullback as most traders, already “all-in” with their buying power, are ready to take profit.

Macro Key Points

This section is an overview of news headlines or events

Read more ... source: TheBitcoinNews