Bitcoin [BTC] Bulls Hold Above $8000 but Long-Term Bearish Trend Still Intact


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Bitcoin [BTC] Bulls Hold Above $8000 but Long-Term Bearish Trend Still Intact

Bitcoin [BTC] has been holding its bullish sentiments with a 11% positive weekly close at $8180. The levels above $7,800 are beginning to establish a new range with resistances at $8200 and $8375.

bitcoin usd weekly
BTC/USD Weekly Chart on Bitstamp (TradingView)

The oscillators like MACD and CMF on weekly are now starting to reach reversal points. They have been positive on the lower time frames since quite some time. Hence, Technical Analysis is currently strongly inclined bullish with positive fundamentals.

Futures Traders Sentiments

On BitMEX, the traders are looking bullish as the funding and premium is positive as BTC continues to hold above $8000. According to leading on-chain analysts like David Puell, Willy Woo, and others this is potential negative signals, as in history whales have been known to cause squeeze of the average traders.

Bitmex funding rate
BitMEX Funding Rate Hourly Chart

On Okex as well, the market sentiments is positive positive funding rate and BTC bias. Moreover, on Okex and Huobi, the Open Interest in Bitcoin is rising again.

Furthermore, on Huobi seems like large whales are holding on to the bullish side as the number of accounts are predominantly short. However, the over-all position is still in favor of bulls.

huobi dm exchange
Chart 1: Shows the over-all Position on Houbi
Chart 2: Shows the Percentage of Accounts’ Position on Huobi

But, Bullish Alarm Number 2 Goes Off

Bitcoin [BTC] has been macro bearish since September 2018, the bearish descending channel is the major trend in Bitcoin currently. The recent bullish moves in Bitcoin [BTC] broke attempted to break above the channel, the bulls only accomplished wicks on the upside.

btcusd 1 day chart descending
BTC/USD 1-Day Chart on Bitstamp (TradingView)

As reprted earlier on CoinGape, leading chart analyst Peter Brandt listed 4 criteria for a long term bullish reversal in Bitcoin. While the break on the given day looked positive. In retrospective, at the weekly close he tweets that cites that the resistances are still intact. He tweeted,

The overall projection remains to be positive. However, there are are resistances ahead before the channel is finally broke clean.

Hence, as updated in his recent Trading Bitcoin analysis by Tone Vays, Bitcoin [BTC] has in the ‘no trade zone’ with the bullish resistances and bearish support too close for massive moves on either side.

Where do you think the price is headed next? Please share your views with us. 

Author: Nivesh Rustgi
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
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Nivesh Rustgi 1180 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
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