Bitcoin (BTC) Outlook – Gearing Up for The Subsequent Leg Greater?

Bitcoin (BTC/USD) Worth, Evaluation and Chart:

• A interval of consolidation earlier than the following leg larger?
• Retail merchants stay lengthy and in revenue.

I famous final week that ‘the trail of least resistance for Bitcoin is larger’ and that there was little in the way in which of horizontal resistance till $17,200, and whereas the directional name was spot on, I underestimated the inherent volatility in Bitcoin which noticed it print a recent close to 3-year excessive slightly below $18,500 yesterday.

Bitcoin (BTC) Outlook – Optimistic Outlook However Watch out for Volatility Threat

Bitcoin is now again to across the $17,500 degree and will use the beforehand talked about $17,200 as help as a substitute of resistance now, backed up by the Monday excessive at slightly below $16,900. The medium-term collection of upper lows and better highs stay in place though a print above Tuesday’s excessive close to $18,500 will add additional affirmation of this development. The remainder of the chart stays constructive and Bitcoin is more likely to resume its push in direction of a recent all-time excessive within the close to future, all issues being equal.

Bitcoin (BTC/USD) Day by day Worth Chart (February – November 19, 2020)

IG consumer sentiment information present80.36% of merchants are net-long with the ratio of merchants lengthy to brief at 4.09 to 1.Positioning is extra net-long than yesterday however much less net-long from final week. The mixture of present sentiment and up to date adjustments provides us a additional combined Bitcoin buying and selling bias.

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What’s your view on Bitcoin – bullish or bearish?? You may tell us through the shape on the finish of this piece or you may contact the creator through Twitter @nickcawley1.