BTC/USD: Testing the Make or Break Point 15m (Jul. 27)

X Force Global Analysis:


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In this analysis, we explore Bitcoin's 15 minute chart, and its bullish probabilities suggested by technical evidence.

Analysis

- Similar to Ethereum, which is currently leading the market, Bitcoin has started to trade within a steep ascending parallel channel
- Bitcoin has undergone a phase of consolidation within a descending wedge, breaking out to test new highs
- It is currently consolidating within an ascending wedge.
- While this may be worrying, we have recently seen several cases in which the ascending wedge patterns (both bullish and bearish) get negated
- Counting Elliott Waves, we can see that Bitcoin is currently forming Elliott Impulse Waves (12345), potentially leading up to 10.5k regions at the 2.618 Fibonacci retracement resistance
- We are also trading above the 50 Simple Moving Average (SMA) which is a strong sign of support for this bullish trend.

Market Sentiment:

Long short ratios are at 73 to 27, with significantly more long positions than shorts, reflecting the bullish market sentiment.

What We Believe

We believe that a test of 10.5k for the immediate term is highly probable. However, it would be important to wait for further confirmations at significant resistance levels, in order to determine Bitcoin's next measured move.

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