Bitcoin: Mixed Bullish and Bearish Signs 1D (Jun. 11)
X Force Global Analysis:
Bitcoin has been giving mixed signals of bullishness and bearishness for the past few days, showing strength on the side of both bulls and bears. We have previously mentioned that a break and close above 10.5k would confirm a bullish trend, while a break and close below 8.8k would confirm a bearish trend. However, prices have not reached anywhere near those zones, and while there were a plethora of bearish technicals, as evidence for a potentially bearish scenario, prices are slowly starting to move upwards. In this analysis, we explore both bullish and bearish cases suggested by Bitcoin's technicals on the daily chart.
Bullish Evidence
- Bitcoin has been on a technical uptrend, creating higher lows throughout weeks since we tested the local bottom at 3.5k
- The ascending trend line support still remains valid
- We see that prices are trading above the Ichimoku cloud, which is a sign of strong bullish momentum
- While the Moving Average Convergence Divergence (MACD) has formed a bearish death cross, the histograms show a lack of momentum in bearish trend
- The Relative Strength Index (RSI) is now trading at neutral zones, having traded at overbought territories
Bearish Evidence
- The bearish divergence is still valid, with prices creating higher highs, while the RSI and MACD create lower highs
- It could be said that we are currently distributing within a bearish rising wedge
- The recent bearish engulfing candle demonstrates that bears are still in control of the market
- The 0.618 Fibonacci retracement resistance is yet to be broken
Market Sentiment:
Long short ratios are at 66 to 34, with significantly more long positions than short positions. The market sentiment has been dominantly bullish for a reason, as the trend has been bullish for the past few weeks.
What We Believe
While there is a plethora of evidence to substantiate arguments for both the bullish and bearish cases, we believe that further confirmations are necessary to determine whether Bitcoin is deemed for a corrective wave, or whether this bullish rally will continue through 11k, up to 14k levels.
Trade Safe.
Bitcoin has been giving mixed signals of bullishness and bearishness for the past few days, showing strength on the side of both bulls and bears. We have previously mentioned that a break and close above 10.5k would confirm a bullish trend, while a break and close below 8.8k would confirm a bearish trend. However, prices have not reached anywhere near those zones, and while there were a plethora of bearish technicals, as evidence for a potentially bearish scenario, prices are slowly starting to move upwards. In this analysis, we explore both bullish and bearish cases suggested by Bitcoin's technicals on the daily chart.
Bullish Evidence
- Bitcoin has been on a technical uptrend, creating higher lows throughout weeks since we tested the local bottom at 3.5k
- The ascending trend line support still remains valid
- We see that prices are trading above the Ichimoku cloud, which is a sign of strong bullish momentum
- While the Moving Average Convergence Divergence (MACD) has formed a bearish death cross, the histograms show a lack of momentum in bearish trend
- The Relative Strength Index (RSI) is now trading at neutral zones, having traded at overbought territories
Bearish Evidence
- The bearish divergence is still valid, with prices creating higher highs, while the RSI and MACD create lower highs
- It could be said that we are currently distributing within a bearish rising wedge
- The recent bearish engulfing candle demonstrates that bears are still in control of the market
- The 0.618 Fibonacci retracement resistance is yet to be broken
Market Sentiment:
Long short ratios are at 66 to 34, with significantly more long positions than short positions. The market sentiment has been dominantly bullish for a reason, as the trend has been bullish for the past few weeks.
What We Believe
While there is a plethora of evidence to substantiate arguments for both the bullish and bearish cases, we believe that further confirmations are necessary to determine whether Bitcoin is deemed for a corrective wave, or whether this bullish rally will continue through 11k, up to 14k levels.
Trade Safe.
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