During this year, Bitcoin (CME:BTC) futures climb 180.24%. The current structure of BTC suggests that price could visit a new high. Follow us to see our perspective for the greatest cryptocurrency for the coming weeks.
Waves and the big traders
The BTC daily chart shows the price running in a wave 4 of Primary degree under a triangle pattern. The consolidation structure suggests the pause of the previous rally. The lower volume provides us with confirmation of the current formation.
The bullish cycle started on December 17, 2018, could visit a new high between $15,791 and $17,620. The invalidation level is at $8,560.
As complementary information, from the last Commitment of Traders (COT) report, we observe an increase in the long positions. Although the institutional bias is bearish, represented by 58.6% of positions, the long bias increased on 25 contracts more than short.