Time: 9.26 A.M. / GM+2 / 10th Apr, 2018 – Tues.
Market Factors
Bitcoin has more enemies, the reason why the market stagnation continues, regulators, governments and other actors keep pulling in their own direction.
The reason of bullish pressure:
The report that George Soros’s hedge fund is planning to trade cryptocurrencies. The news was especially impressive for the market as the famous billionaire called cryptocurrencies a bubble in January.
The sign of growing acceptance of bitcoin, Venrock, a venture capital firm that is backed by Rockefellers, is planning to start investing in virtual currencies to diversify its portfolio.
The reason of bearish pressure :
Approaching tax deadline this month led to a bout of profit-taking that weighed heavily on bitcoin price.
Bans in India and Pakistan, along with continued scrutiny by the SEC is keeping a lid on bitcoin price lately.
Overall the trend remain Neutral. It is technical old story "Buy pressure arround double bottom located at 6.49K and sell pressure above 7K".
Technical
- In our previous post / 557 / we had forecast the trading range will be between 6.49K and 7.34K. The intraday high was 7.18K, and the low was 6.61K.
And as our prediction in last post:
"..an upside move towards 7.33K and 7.50K levels, but for today a break above 7.5K level would be difficult, so another move towards 6.49K support might happen.."Bitcoin price tested the 6.61K and start another up move to keep the ping pong move as our forecast.
- Technical indicators reflect mixed signals:
- RSI support the bullish wave.
- Stochastic indicate, the buyers have some energy left to take bitcoin price towards 7.20K.
- Oscillator reflect weakening bullish momentum.
- EMA50 against the up move attempts, supporting the bearish trend.
- MACD support the bullish wave.
- The swing move will continue and most likely will take end soon as 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.
Sentiment
We suggest for today neutral trend domination, with sideways movement between 6.49K and 7.12K.
A break above 7.5K could lead to a rally to 8.5K (Double-bottom breakout target).
A break below 6.49K could lead to a selloff towards 5.947K (The low of 2018).
We still believe bitcoin price can recover and the trend most likely become bullish around 12-15 April as we still expecting a pretty upside move.
Support 1: 6490.00 level.
Resistance1 : 7500.00 level.
Support 2: 6240.00 level.
Resistance2 : 7880.00 level.
Expected trading for today:
is between 6490.00 and 7340.00.
Expected trend for today :
Neutral.
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.
