Although the Bitcoin sentiment indicates that the prices might rise, yet, the price might continue to fall as according to our reporter there is no major upcoming outbreak of Bitcoin trade. Recent changes in the sentiments are quite warning and the number of net long traders are at its top. We could not assure you of any dynamic upbeat trend, even if the IG client sentiment is at its top as well. No matter whatever odd you are holding to regarding the buying position of bitcoin, unfortunate events and downfall of bitcoin might have been continuing.
Bitcoin client positioning
Forecast for Bitcoin
Although the IG client sentiment is high, the contrarian view towards client sentiment might again prove to be effective, if you are planning to invest on the crypto’s, specifically bitcoin. Please look closely at the arrow, indicating its continuing downfall in the past six months.
We believe, careful judgment of the chart would motivate you to be in a selling position immediately.
(please check the red arrow and that is where we are expecting Bitcoin to be in the next couple of months [Somewhere between $5k-$6k])
Crude oil sell might drive WTI to $69.30 a barrel
On the other side of the real world, Crude oil sell might drive WTI to $69.30 a barrel, overcoming recent loss of ground.
Let us look why we are suggesting an up-rise.
- Crude oil bullish trends are much eager to resume as the market has overshot the bearish tradeline
- There is a sell climax in the process as well and the market is changing pattern too quickly.
- Target would be to reach $69.30 by the end of next week.
Current financial position
- Spot rate: 74
- Relative change: 37%
- High: 09
- Low: 86
- Main Trend: Bullish
Expected resistance and support:
- Resistance 1: 00-68.30 zone, depends largely on supply/demand level
- Resistance 2: 00 figure.
- Resistance 3: 30 August 24 high
- Resistance 4: 44 June 25 high
- Resistance 5: 00 figure
- Resistance 6: 53 May 24 low
- Support 1: 84 August 14 swing high
- Support 2: 16 June 14 high
Support 3: 67.72 June 26 low
To the Bottom Lines
While the crude oil was taking heavy hits and market was highly volatile, Brent Oil might seem to pass a quite week with a strongly bullish forecast. In accession, Bitcoin buyers may have much darker days ahead of them as we are expecting it to fall below $5.5K region.
(Mostly, Brent oil was lying between $76.50-$77.50, and it is expected to be in the same region in the next week as well. Volatility tends to be quite low, as it is overbought.)
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Disclaimer: The content of this article is personal opinion and should not be considered as as investment advise or suggestion towards any trading activity.