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After a significant 2-day 10% rally towards $9,630, Bitcoin has been under healthy consolidation for the past two days. The bulls are looking at the daily 12-EMA for support but Bitcoin is still almost $200 away from the level. The increasing bull volume followed by a decrease in volume during the consolidation indicates the bulls are likely going to see a continuation in the next 24-48 hours.
If they are able to break the last $9,630 lower high of the daily equilibrium pattern, we are going to see Bitcoin attempting to break $10,000 again. A break of the equilibrium pattern will most likely be strong enough to get Bitcoin above $10,000 and possibly touch $11,000.
BTCUSD Chart By TradingViewThe weekly chart is clearly in a bull flag and the bulls are also waiting for the trigger here. The EMAs have crossed bullishly and the MACD has remained bullish as well. The $10,000 level is a clear resistance level that is holding Bitcoin back.
Bullish Sentiment On The Rise
According to analyst Mati Greenspan, Bitcoin will reach $10,000 before June.
10k b4 June!!— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) May 28, 2020
Greenspan didn’t really state anything else besides his forecast. Some of the retorts pointed out to the expiration of CME futures on Sunday. According to a recent study performed on CME futures and whether or not they have any effect on Bitcoin, the average 24-hour return post-expiration is positive for the digital coin.
This would translate into Bitcoin going up on Sunday/Monday which is basically before June. If Bitcoin can see enough strength on Sunday and break the last lower high, we will likely see $10,000 before Monday.
Bitcoin longs continue to dominate across exchanges as well. BitMEX has currently around $233 million in public long positions and only $51 million in shorts. On Bitfinex, longs are dominating shorts at a 5:1 rate as well. There is a clear interest in buying Bitcoin and not a lot in shorting. Even after Bitcoin saw a huge 10% crash on May 10, the number of shorts barely increased.
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