Time: 9.15 A.M. / GM+2 / 26 Apr 2018 – Thurs.
Bitcoin price showed signs of bearish as the market became overbought after hitting the high of April at 9.767K, as we expected in our post / 572 / to tests the critical support at 8.643K, but the bullish trend remains intact.
Market Factors
The general conclusion of / Federal Reserve Bank /seems to be that Bitcoin is a very good middle ground between governments who have the obligation to control money flows as best they can and citizens who have the incentive for money to be more independent.
It's really incredible to see such outstandingly positive research coming from a central bank in the United States. This really reflect that Bitcoin should be an excellent compliment to the current global monetary system. For more info, feel free to read / We Welcome Cryptocurrencies /
Technical
In our previous post / 573 / we had forecast the trading range will be between 8.643K and 9.767K. The intraday high was 9.622K and the low was 8.652K.
As we can see the rejection from 9.76K pushed the price lower towards 8.643K and the recent correction try to form the right arm of our reverse H&S pattern as we wrote in our previous posts / 572 / & / 573 /.
We see the rejection from 9.76K as a healthy correction after a nearly 35% gain since March 3rd, and we believe a dip and close below 8.643K most likely will happen soon.
Sentiment
Based on the above, the trend for today is slighty bullish and as 9.185K was broken, the 1D MA20/50 cross will push the price towards a 8.350K support test, after a swingy move between 8.643K and 9.180K.
We still believe the retracement will move the price towards the area 7.64K -7.87K to form right arm of our reverse H&S pattern, followed by a rise towards the potential target of this reverse H&S that stands around 10.17K - 10.40K, followed by 11.78K ( 1W 38.20% Fibonacci ) to focus on the 12.40K ( Early June ).
Support 1: 8350.000 level.
Resistance1 : 9185.000 level.
Support 2: 7870.000 level.
Resistance2 : 9767.000 level.
Expected trading for today:
is between 8350.00 and 9185.00.
Expected trend for today :
Slighty Bullish.
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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If You are New in Trading --> Read Trading Education Center / Volume I.
What You Know About --> Fibonacci Retracement in Trending Market.
