Bitcoin Price Analysis — How to cash in on the upcoming price action

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: 2.5:1

Average Active Long vs Short Volume Ratio: 1.8:1

We have a 50% excess in active long volume relative to the average. The average weighted long entry price is $418.28, which is lower than the current market price – on average, active longs are in the green.

Sentiment is bullish, and the bears have again failed to make lower lows, with relatively little action or volatility in the bitcoin markets. Nobody is really sure why, but it looks like a storm is brewing. However, one thing is certain; once the market chooses a direction after this months-long consolidation, the trend it creates will be strong and long-lasting. And

Read more ... source: TheBitcoinNews