Time: 8.55 A.M. / GM+2 / 29 Apr 2018 – Sun.
Cryptocurrency is complicated due to it being a combination of cryptology, finance, network technology, game theory, statistics and probability. It is highly unlikely to posses intricate knowledge on all these subjects, but a basic understanding and forecast is usually possible.
Bitcoin Market Represents Equilibrium At This Stage.
Market Factors
As we expected bitcoin rally loses steam at 9.767K few days ago / 572 / & / 573 /. It’s worth noting that the sell-off began once Bitcoin had started to approach 10K. It seems that a large portion of investors had rushed to lock-in their profits once the price had reached the appropriate levels, the reason why the swingy move took place the last 3 days.
At this moment bitcoin is trading above 9.4K and we believe that, behind the jump may be the island nation of Malta, as the small country has been developing a reputation of late as one of the biggest bitcoin and blockchain havens in the world, with several trading exchanges from Binance to OKEx relocating to its serene, coastal atmospheres.
Technical
In our previous post / 576 / we had forecast the trading range will be between 8.643K and 9.400K. The intraday high was 9.565K and the low was 8.750K.
No change in our long term forecast as we have DiNapoli Volatility Breakout Pattern on background. The reason why we expect upside action towards 12.40K area on weekly chart as this pattern suggest upside action has started form 6.49K towards 12.40K. But we still expect after the rejection from 9.767K ( April High ) that the price will visit the 7.50K - 8.00K ( Early May ) area to build our Inverted Head & Shoulders Pattern, as we wrote in our previous posts / 572 / & / 573 / before the continuation of the bull trend towards 12.40K, and only clear break or close above 9.911K will cancel our scenario.
Long Term
Short Term
Sentiment
Bitcoin price at this moment try to slide to again to 9.767K to test 9.911K, but most likely another rejection before 9.767K will take place to push the price lower as our above scenario, so will go Neutral for today.
Support 1: 8643.000 level.
Resistance1 : 9767.00 level.
Support 2: 8350.000 level.
Resistance2 : 9911.000 level.
Expected trading for today:
is between 8750.00 and 9911.00.
Expected trend for today :
Neutral.
Medium Term:
Bullish.
Long Term:
Bullish.
The low of 2018:
5947.00.
The high of 2018 (BitcoinTrader's Year):
13660.00 level / Expected.
The high of 2019 (Bitcoin Holder's Year):
25000.00 level / Expected.
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