Bitcoin Price Analysis – The next catalyst is 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 Bitfinex Long (Buy) / Short (Sell) Margin Funding Ratios

1H Active Long / Short Ratio – 37.46:1

6H Active Long / Short Ratio – 5.09:1

12H Active Long / Short Ratio – 4.15:1

By looking at the long and short ratios we can see that there’s a growing excess of long positions, which can result in a long squeeze. This occurs when a sudden drop in price incites further selling, pressuring long holders to close their positions, protecting against a dramatic loss. 1H data shows a dramatic growth in long positions, keep an eye on this over the next 24H.

Macro Key Points

After the Halving, It has been a slow for Bitcoin news, We found one developing story in the past week that we thought

Read more ... source: TheBitcoinNews