Bitcoin: Ascending Channel Analysis 12H (Apr. 19)

X FORCE GLOBAL ANALYSIS:


BItcoin has been on a steady rise for the past few weeks. In this analysis, we assess both bullish and bearish probabilities for Bitcoin

Bullish Evidence

- We are currently trading within an ascending parallel channel, creating higher lows
- The Relative Strength Index (RSI) also shows a steady uptrend with higher lows, which is a sign of trend strength
- We have recently broken out of a bull flag

Bearish Evidence

- We are still trading within a descending channel in the bigger picture
- We have just created a lower high on the daily
- The Moving Average Convergence Divergence (MACD) shows mixed signals, with a lack of momentum
- We have been rejected by the 0.5 Fibonacci resistance
- We are yet to test the descending trend line resistance

Market Sentiment:

Long short ratios are at 64 to 36, with significantly more bullish sentiment than bearish sentiment.


What We Believe

We believe that Bitcoin will remain bullish, given that the ascending parallel channel remains intact. It's highly likely that we see continuous attempts to break and close above the significant resistance zones drawn above.

Trade Safe.