Bitcoin looks poised to extend recent gains, as prices burst above Descending Triangle resistance and the psychologically imposing 35,000 marks. With the RSI eyeing a push above 60, and a bullish crossover taking place on the MACD indicator, the path of least resistance seems skewed to the topside.
Clearing the January 29 high (38711) would probably intensify near-term buying pressure and carve a path for the price to challenge the yearly high (41969). Breaking that is needed to signal the resumption of the primary uptrend and pave the way for the popular cryptocurrency to fulfill the Descending Triangle’s implied measured move (47699).
Alternatively, failing to breach the 38700 marks could trigger a pullback to former resistance-turned-support at the January 2 high (33292).
The IG Client Sentiment Report shows 83.58% of traders are net-long with the ratio of traders long to short at 5.09 to 1. The number of traders net-long is 2.05% lower than yesterday and 9.82% lower from last week, while the number of traders net-short is 1.30% higher than yesterday and 9.11% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall.
Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Bitcoin price trend may soon reverse higher despite the fact traders remain net-long.
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