Time: 8.38 A.M. / GM+2 / 11 Apr 2018 – Wed.
Bitcoin has been stuck in a tight trading range for more than 2 weeks, unable to make any progress on the back of negative publicity and the threat by some governments to heavily regulate the crypto currency.
- With the IRS focusing on the new tax laws, the taxes start to causing complications on crypto market and this has sent bitcoin price into a sideways pattern. Taxpayers are obliged to reveal any crypto assets in their declarations. They may also have to sell part of their crypto holdings at the current lower prices to pay the applicable taxes. For more info feel free to read Can Crypto Taxes Hurt !
- In order for banks and government to take control of bitcoin, Bitcoin futures market will require liquidity / volume dominance over the actual BTC exchange market. Due to nature of 'leverage' trades that futures allow, the threat of BTC futures volume overtaking BTC exchange market is a real threat, traders can bet on $5k worth of BTC with $500 (for example). However, certain events have to take place in order for this to come to fruition:
Investor confidence in BTC plummets and the HODL'ers realise that they are not getting rich as quick as they first thought. - Market Cap of Bitcoin nosedives, and struggles to recover throughout 2018 and parts of 2019.
Simultaneously, the volume of BTC futures contracts increase exponentially thus getting closer to overtaking the BTC market cap.
- In our previous post / 558 / we had forecast the trading range will be between 6.49K and 7.34K. The intraday high was 6.89K, and the low was 6.65K.
And as our prediction in last post:
"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..."Bitcoin price tested the 6.65K and start another up move to keep the ping pong move as our forecast.
- Technical indicators mostly seem to be hinting at more gains ahead as bitcoin price found support at 6.49K area:
The gap between the moving averages is narrowing to signal a potential return in buying pressure.
RSI is moving higher to reflect the presence of bullish pressure.
MACD support the bullish wave.
Most likely we will see some positive action in the next 72 hours as bitcoin trading volume seems to remain steady around the $4bn mark and this is a positive aspect.
Bitcoin price is not going down below 6.49K and for now, it seems to hold up quite well. The reason why I think bitcoin price is preparing for a boost.
We suggest for today neutral trend domination as 6.49K support area is holding every atack with higher lows. Thats a good place for accumulating buyers before April 17, when USA tax period finishes. The reason why we believe bitcoin price can recover and the trend most likely become bullish soon and the bullish wave will bring a strong bounce soon.
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.
/ Project by @knircky & @famunger /
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