Bitcoin (BTC) Price Outlook, Chart and Analysis:
- Higher lows confirm positive momentum.
- Supportive technical remain in place.
IG Client Sentiment Data shows how retail are positioned in a variety of cryptocurrencies. See how daily and weekly positioning can affect our trading bias. Bitcoin (BTC) trade data shows 80.1% of traders are net-long, a strong contrarian bearish signal. However, recent daily and weekly changes in sentiment suggest a stronger bearish trading bias.
A Guide to Day Trading Bitcoin and Other Cryptocurrencies.
Bitcoin (BTC) Pushing Higher One Step at a Time
Bitcoin continues to stair-step higher and is closing in on an old resistance zone ($8,388 - $8,481) which may slow its recent rally but is unlikely to trigger a major reversal. We noted earlier this week that while upside momentum was slowing, borne out by the last two daily candles, support continues to build with higher lows printed in the last six trading sessions.
Bitcoin (BTC) Price – Bullish Momentum Slows, Support Strengthens
The latest push higher needs to break and close the zone mentioned earlier, leaving the May 30 high at $9,080 an achievable target in the short- to medium-term. Above here, Bitcoin is back at levels last seen in early-May last year. Above here, an old swing-high at $9.957 comes back into focus, just ahead of the psychological $10,000 level, a price that will likely spark a flurry of positive crypto-currency headlines.
We mentioned in our report earlier this week that the recent double-lows either side of $7,450 need to hold to keep medium-term bullish momentum intact. This remains the case.
Bitcoin (BTC) Daily Price Chart (October 2018 – June 14, 2019)
Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.
What is your view on Bitcoin (BTC) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.com or via Twitter @nickcawley1.
