Time: 8.13 A.M. / GM+2 / 7th Apr, 2018 – Sat.
Market Factors
- The launch of cryptocurrency exchange-traded funds (ETF) will be the big catalyst to restart the bullish trend. After shutting down the idea in 2017, the SEC has officially initiated a formal inquiry into the possibility of allowing Bitcoin exchange-traded funds (ETFs) via a change to one or more of its rules. ETFs soon? Maybe. For more info, feel free to read: Exchange Traded Fund.
The Reserve Bank of India banned banks from allowing people to transfer money from their bank account into wallets, which also weighs on one of the markets of the cryptocurrency.
Risk aversion has returned to the markets once more on worsening trade tensions between the US and China. Neither party is refusing to back down and has announced more sets of higher tariffs on each other.
Technical
- In our previous post / 554 / we had forecast the trading range will be between 6.185K and 7.380K. The intraday high was 6.90K, and the low was 6.50K.
And as our prediction in last post:
"sideways movement to the maximum of 7.12K and retest of 6.49K .."Bitcoin price tested the 6.50K and try to move towards 7.12K ( ping-pong move ).
- The only practical addition since my last post is the volume still remains on low levels. The decelerating pace on 1H (ADX = 16.282, CCI = -32.8298, Highs/Lows = 0) as the price approaches the support = 6.49K is: Just another sign of how imporant this level is considered to be by traders.
Sentiment
We still suggest for today the bearish trend domination, unless the price managed to breach 7.38K and hold above it, with sideways movement between 6.49K and 7.12K .
Bitcoin price has a chance to show a healthy recovery this month after a dismal March as April is historically considered as one of the best months for the digital currency.
We expect bitcion to meet buying between 6.18K and 6.49K, but the recovery process will hardly be fast as bitcoin volatility has improved but big volume is needed.
Support 1: 6490.00 level.
Resistance1 : 7380.00 level.
Support 2: 6180.00 level.
Resistance2 : 8180.00 level.
Expected trading for today:
is between 6490.00 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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Let the Crypto Easter Eggs..
Serve as your reminder that nothing can hinder you..
In fulfilling your dreams..
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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.
