Time: 7.55 A.M. / GM+2 / 8th Apr, 2018 – Sun.
Market Factors
- The "Death Cross" pattern was initially discovered in the stock market, and like any other market indicator, it hasn’t always led to confirmed price movement. Additionally, the quality of such signals decreases in the crypto market due to its extremely high volatility and low liquidity. In this case, the bearish crossover between the 50-day moving average and 200-day moving average, which has been observed over the last two months, confirms a price sharp turn towards a decline, and nothing more. So let us forget it as we haven’t see a rapid fall, despite death cross and the price as you see in ping pong move. For more info about the pattern, feel free to read Death Cross Pattern.
- Soros Fund Management family office has announced they will begin trading and investing in cryptocurrencies. The fund, previously managed by George Soros, oversees $26 billion in assets and received internal approval to trade the digital coins in the last few months. For more info, feel free to read Soros Fund Management.
Technical
- In our previous post / 555 / we had forecast the trading range will be between 6.49K and 7.38K. The intraday high was 7.08K, and the low was 6.78K.
And as our prediction in last post:
"Sideways movement between 6.49K and 7.12K is expected."Bitcoin price tested the 7.08K and try to move towards 6.49K again
( ping-pong move ).
The limit for any major swing is Apr 12, which is now supported by the squeezed 1D band that we have been seeing for the past few days. There isn't any BREAKOUT! As the low of 5.947K at 78% retracement level are still intact. Pullbacks / rallies are common features within a primary trend.
MACD looks better, So a move towards 7.33K to cross 7.50K to confirm higher highs is expected. Will not happen today, nor this weekend, most likely will be around the middle of April.
Close above 7.33K followed by 7.50K is needed to improve sentiment before the 20-day moving average at 7.88K comes into play.
Sentiment
We still suggest for today the bearish trend domination, unless the price managed to breach 7.33K and hold above it, with sideways movement between 6.49K and 7.12K.
Bitcoin price can recover as April is historically considered as one of the best months for the digital currency. The reason why I believe the swing between 6.49K and 7.12K will take end and the trend will become bullish around 12-15 April as I am expecting a pretty upside move.
Support 1: 6490.00 level.
Resistance1 : 7330.00 level.
Support 2: 6240.00 level.
Resistance2 : 7880.00 level.
Expected trading for today:
is between 6490.00 and 7330.00.
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.
