Bitcoin: Bullish Ascending Channel Analysis 1D (Jun. 16)

X Force Global Analysis:


In this analysis, we explore another bullish case for Bitcoin through the ascending parallel channel pattern.

Analysis

- Bitcoin has been ranging in a choppy range for the past few weeks, while showing strong volatility near significant support and resistance levels
- However, prices have been creating higher lows and higher highs, showing bullish momentum
- Prices are also trading above the Ichimoku Cloud, demonstrating that the trend is technically bullish
- A break and close above the 0.618 Fibonacci retracement resistance is necessary for the short term
- A break and close above the 10.5k resistance and parallel channel resistance could lead to a rally up to the 1.618 Fibonacci resistance around 11.4k

Market Sentiment:

Long short ratios are at 71 to 29, with increased long positions over the past 24 hours.


What We Believe

While technicals demonstrate signs of bullishness, it's extremely important that traders enter positions based on confirmations provided by breaking and closing above significant resistance/support levels.

Trade Safe.