Bullish Sentiment Emerging For Bitcoin – Beware This Short Zone Though

Bitcoin has begun to make a serious of higher highs and higher lows and there could potentially be a bullish channel emerging – at least in the short term.

btcusd17may

For now, there is a bullish sentiment channel emerging since Bitcoin broke out of the bearish channel at the end of April. What else is this chart telling us:

  • Sellers have been defending the supply zone around $244 with price capped at this level over the last few weeks.
  • We have made higher highs and higher lows and we could project a bullish channel defining the supply and demand zones for this price action
  • The $255 price level looks interesting and there may be some supply there. Why?
    • Previous supply form the start of April may be defended.
    • Top of the short term channel.
    • Multiple abcd patterns and equidistant swing completing into that zone may get the attention of the shorts.
    • Close to the half way back level of the price move from the top of the bearish channel to the bottom made mid April. The half way back is a key psychological level watched by many market participants.

Bitcoin has been moving in a very tight range the last couple of days – this compression usually precedes a break out in this market. For now, the SparkProfit sentiment is to the long side indicating our players are bullish – but this could go any way!

No Risk With SparkProfit

Which ever way you think Bitcoin is going to go, you can play Bitcoin risk free with SparkProfit.

Please note our disclaimer on all of this.

 

 

 

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2 thoughts on “Bullish Sentiment Emerging For Bitcoin – Beware This Short Zone Though

  1. This fits with what I’ve seen elsewhere and my own thoughts. The price has been on the upper side of what the trend would suggest for a while now. Its hard to break from a well established trend like that, especially in a market with such uncertainty, but it seems like the demand is there and the price is going to break upwards soon and establish a new long term trend in that direction.

  2. Reblogged this on digitalcurrencytrading and commented:
    This fits with what I’ve seen elsewhere and my own thoughts. The price has been on the upper side of what the trend would suggest for a while now. Its hard to break from a well established trend like that, especially in a market with such uncertainty, but it seems like the demand is there and the price is going to break upwards soon and establish a new long term trend in that direction.

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