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Bitcoin (BTC) Rally Continues; Consolidation Needed Before Next Push

Bitcoin (BTC) Rally Continues; Consolidation Needed Before Next Push

2019-06-21 10:00:00
Nick Cawley, Strategist

Bitcoin (BTC) Price Outlook, Chart and Analysis:

  • Bitcoin continues to move higher with sellers brushed aside.
  • Bitcoin dominance nears 2019 high, will altcoins play catch-up?

IG Client Sentiment Datashows 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 79.3% of traders are net-long, a strong contrarian bearish signal. However, recent daily and weekly changes in sentiment give us a stronger bearish contrarian trading bias.

The five-month Bitcoin rally continues with prices back to levels seen 13-months ago as buyers continue to dominate the market. The daily chart shows just two red daily candles in the last 11 sessions in which the value of BTC has jumped more than $2,000. Bitcoin’s market dominance also continues to grow and is nearing a six-month high as market volume picks-up. This pick-up in market cap may lead to a wider market rally as investors look to diversify into other cryptocurrencies.

Bitcoin (BTC) Rally Continues; Consolidation Needed Before Next Push

A Guide to Day Trading Bitcoin and Other Cryptocurrencies.

Bitcoin currently trades around $9,725 with initial resistance pegged at $9,957, the May 2018 swing-high, ahead of the psychological $10,000 that offers little technical resistance but may be a level for short-term traders. Above here, and the chart remains positive, there is little in the way before $11,671 and $11,968. To reach these levels Bitcoin will need a period of consolidation and may well see a short-term sell-off to shake out loose holders. While this is by no means certain, traders need to be wary, especially ahead of the weekend.

Bitcoin (BTC) Daily Price Chart (January 2018 – June 21, 2019)

Bitcoin (BTC) Rally Continues; Consolidation Needed Before Next Push

Bitcoin (BTC) Price Surge, Facebook Cryptocurrency Mooted

Bitcoin Price Probing a 13-Month High

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.comor via Twitter @nickcawley1.

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