Time: 8.53 A.M. / GM+2 / 4th Apr, 2018 – Wed.
The Bigger Picture Looks Fine
Judging the Bitcoin price trend from a long-term perspective, everything is just fine. One year ago, the value per BTC was just over one-seventh of what it is today. Compared to three years ago, it is still up by 3,500%. If that doesn’t warrant a positive long-term outlook.
Cryptocurrencies have no fundamental basis so let us say:
Market Factors
US has its NFP report due later in the week and this could strongly impact overall sentiment in the financial markets, including bitcoin and all cryptocurrencies.
Crypto community ( Bitcoin Whale ) fears are seizing the market and the buyers took the price to first target area at 7.49K (38.2% of the move down from the March 21 high to the April 1 low ). The area gives buyers cause for pause but if buying is resumed and the area broken. Because if bitcoin price is able to hold its ground above the 7.00K level, the buyers predict that it could soon make another test of 8.18K.
- In our previous post / 551 / we had forecast the trading range will be between 6.60K and 8.18K. The intraday high was 7.50K, and the low was 7.07K.
And as our last forecast:
"The next 48 hours, the price may correct higher towards 7.49K - 8.18K"Bitcoin price tested our first target at 7.49K.
An inverted hammer was hammered! Consequently developing a local bullish run targeting EMA26 at 8.18K , but to get there the price must break the resistance around 7.64K. Most of the key 1D technical indicators have started to materialize and show bullish signals. Which will ensure a test of the upcoming resistances at 7.64K and 8.18K.
Getting above that retracement level at 7.49K will give the buyers the next positive reinforcement from the price action. Getting below the prior swing highs at 7.20K, will make the buyers to become nervous, especially if the price cannot breach the 38.2% at 7.49K to the upside.
We suggest today the neutral trend domination, unless the price managed to breach 8.18K and hold above it or to break 7.00K and hold below it.
Support 1: 6600.00 level.
Resistance1 : 7640.00 level.
Support 2: 5947.00 level.
Resistance2 : 8180.00 level.
Expected trading for today:
is between 6800.00 and 8180.00.
Expected trend for today :
Neutral.
Medium Term:
Slighty Bearish.
Long Term:
Bullish.
The low of 2018:
5947.00 / IHS Bottom.
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.
investing considerable time and effort up front in
hopes of considerable returns down the road.
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for support to keep it going.
