Time: 9.04 A.M. / GM+2 / 6th Apr, 2018 – Fri.
Market Factors
- The bitcoin investors are waiting for a catalyst to restart the bullish trend. The reason why they may:
Have to wait until the key support levels are tested, and major fundamental news is announced.
Are looking forward to the launch of cryptocurrency exchange-traded funds (ETFs).
The movement to launch crypto-based ETFs is still alive, but some believe that an ETF for cryptocurrencies will never work. But if it does, it sure could help investors regain their confidence in the digital asset market and push the prices back up.
Analysts point to the global uncertainty spurred by the trade tensions between China and the U.S. as one of the major culprits dragging bitcoin price lower. After all, traders are feeling less hungry for risk, putting their funds in safe-haven assets like the dollar and bonds instead, as the Bitcoin was safe-haven and become risky assets.
Traders start to take any upmove as an opportunity to liquidate their positions at better prices, fearing that rallies might not last very long in this market environment.
US has its NFP report today and this could strongly impact overall sentiment in the financial markets, which also typically affects bitcoin direction.
In our previous post / 553 / we had forecast the trading range will be between 6.30K and 7.60K. The intraday high was 6.93K, and the low was 6.61K.
Bitcoin price fluctuates around 6800.00 level and technical indicators are giving mixed signals.
Stochastic indicate the presence of bullish pressure, so bitcoin price still able to bounce from here.
Oscillator could turn back south to draw sellers back in, upon reaching overbought levels.
EMA50 forms continuous negative pressure to support the bearish wave towards the next potential support at the 38.2% extension of 6.495K near the swing low. Which might supports also the chances of achieving the 50% extension at 6.185K.
As long as the price remains above the early-February lows of 5.947K, the market still have a chance to un upmove, as bitcoin price is steady now and may continue its consolidation ( A typical consolidation phase prior to any major move ).
Sentiment
Bitcoin price's ping-pong move is expected and the price action is limited
( sideways movement to the maximum of 7.12K and retest of 6.49K ).
We suggest for today the bearish trend domination, unless the price managed to breach 7.38K and hold above it.
Support 1: 6185.00 level.
Resistance1 : 7380.00 level.
Support 2: 5947.00 level.
Resistance2 : 8180.00 level.
Expected trading for today:
is between 6185.00 and 7380.00.
Expected trend for today :
Slighty Bearish.
Medium Term:
Slighty Bearish.
Long Term:
Bullish.
The low of 2018:
5947.00.
The high of 2018 (BitcoinTrader's Year):
14000.00 level / Expected.
The high of 2019 (Bitcoin Holder's Year):
??? The new all time high is expected.
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If You are New in Trading --> Read Trading Education Center / Volume I.
What You Know About --> Fibonacci Retracement in Trending Market.
