Bitcoin price analysis – Retarget

BitsPlan

The technical setups posted below use simple trend detection, support and resistance, channels, pattern and candlestick 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 And Macro Key Points

This section is an overview of news headlines or events that may affect BTCUSD.

  • The Yuan is continuing to experience further devaluation by the PBOC. The bitcoin price has a strong correlation the the USDCNH price.

  • Bitcoin miners will start signaling support for the long awaited Bitcoin scaling solution, Segwit, tomorrow.

  • Tullett Prebon becomes the largest interdealer broker to offer Brave New Coin digital currency data

Long Term Technical Analysis

Bitcoin Price Analysis Retarget1


The long term chart  continue to shows a bullish trend. The price of a bitcoin is still within the long term uptrend channel, and looks likely to test the top the upper bound. The Stochastic momentum indicator looks ready to break out of a consolidation pattern,

Read more ... source: TheBitcoinNews

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