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Bitcoin Prices Eye Record High – Pullbacks to Offer Opportunity

Bitcoin Prices Eye Record High – Pullbacks to Offer Opportunity

Michael Boutros, Strategist

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BTC/USD Daily Chart

Bitcoin Price Chart - Daily Timeframe

Technical Outlook: Bitcoin broke though downslope resistance early in the month with the subsequent rally taking prices back above the record high-day close at 4600. The focus remains weighted to the topside while above this threshold (note the median-line) with a breach above the record high at 4979 needed to fuel the next leg higher. Subsequent resistance targets are eyed at 5200 & 5375. Broader bullish invalidation now raised to 4213/25.

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BTC/USD 240min

Bitcoin Price Chart - Daily Timeframe

Notes: close look at price action shows Bitcoin continuing to trade within the confines of an ascending median-line formation (modified) with prices reversing off parallel resistance yesterday in New York trade. Interim support now rests at 4700 with near-term bullish invalidation set to 4600.

A breach above the median-line targets 4979 – Look for a reaction there. Bottom line: Bitcoin prices remain at risk for a near-term pullback while below the ML, but the focus remains higher while within this near-term formation.

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Bitcoin IG Client Sentiment
  • A summary of IG Client Sentimentshows traders are net-long Bitcoin- the ratio stands at +1.56 (60.9% of traders are long) –bearishreading
  • Long positions are 5.1% higher than yesterday but 0.6% lower from last week
  • Short positions are 2.4% higher than yesterday and 18.9% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Bitcoin trading bias.

See how shifts in retail positioning are impacting price trends- Click here to learn more about sentiment!

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- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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