Time: 8.53 A.M. / GM+2 / 5th Apr, 2018 – Thurs.
Cryptocurrencies have no fundamental basis so let us say:
Market Factors
Crypto isn't in a bubble: Jon Matonis, who helped found the Bitcoin Foundation in 2012, told Business Insider:
To the people who say bitcoin's a bubble, I would say bitcoin is the pin that's going to pop the bubble. The bubble is the insane bond markets and the fake equity markets that are propped up by the central banks. Those are the bubbles.
The regulators are so confused: Regulators around the world have been trying to come to grips with crypto.
The regulators are so confused, not just in Europe but in North America as well. They're used to fundraising models that involve selling debt or selling equity / Jon Matonis said.
Investors took the last bounce as an opportunity to liquidate their holdings at a better price and seasonal data suggests that bitcoin price tends to recover during the second quarter of the year.
US has its NFP report due later in the week and this could strongly impact overall sentiment in the financial markets, which also typically affects bitcoin direction.
- In our previous post / 552 / we had forecast the trading range will be between 6.60K and 8.18K. The intraday high was 7.50K, and the low was 6.56K.
And as our last reply to the last post:
"I see BTC descending along Gann Angle 2/1 until reaching the downtrend line from 1D Channel Down at 6635.61, the minimum of Mar 30.."Bitcoin price tested the 6.56K and the small rally was short-lived.
It looks like market participants tend to sell Bitcoin on rallies, fearing new negative shocks in the volatile market. But, as long as the price remains above the early-February lows of 5.947K , the bullish potential on the bearish market still have a chance. Therefore, the cryptocurrency may continue its consolidation.
Indicators are fully on bears side while the price try to move up towards 0.786 = 7.01K.
The very low volume of this movement displays lack of bulls' confidence the reason why we suggest for today the bearish trend domination, unless the price managed to breach 7.64K and hold above it.
Support 1: 6300.00 level.
Resistance1 : 7600.00 level.
Support 2: 5947.00 level.
Resistance2 : 8180.00 level.
Expected trading for today:
is between 6300.00 and 7600.00.
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.
/ Project by @knircky & @famunger /
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