Time: 8.22 A.M. / GM+2 / 17 Apr 2018 – Tues.
- Bitcoin price made a strong rally last week as positive forces generated enough upward pressure to overturn the negative trend. Attributing a change in Bitcoin price trend due to many events conform our post
/ 560 / the reason why the short sellers started to liquidate their positions, creating an upward trend.
Tax filing deadline on April 17 and selling to cover capital gains appears to have ended.
BTC transaction fees are way down and the lightning network is ensuring that transactions are quick and cheap.
Bitcoin price found it's low on Feb at 5.947K and was down 65% from its December 2017 high and with 6.49K is claimed as the new bottom a turnaround was imminent.
Ed Cooper said,
"In this scenario traders with short positions will start to lose money and liquidate their positions by buying bitcoin. This causes the price to rise further and as more people start to notice the rise they buy in for a quick gain. This continues the cycle."
The second quarter of the year has historically been positive for cryptocurrencies and the tax filing deadline on April 17, the investors to reopen their long positions but most of
"Buyers could be waiting to join in on a pullback."
In our previous post / 564 / we had forecast the trading range will be between 7.50K and 8.70K. The intraday high was 8.15K and the low was 7.90K.
With the early sign being 30 hours 5H Doji Star Deliberation candle. The bullish Flag on 5H is nullified (Highs/Lows = -56.2540, BBP = -93.9242) as the 1D Channel Down Lower High pressure is pushing towards a bearish reversal (MACD = -161.600). Crossing of the EMA5 = 7.87K restores the selling majority and will make the price to test the pivot at 7.55K, looking likely for a gap fill at 7.24K (SMA20).
After a potential correction supported by bollinger bands, technical indicators are suggesting that the uptrend could carry on supported by Stochastic positivity, EMA50 and MACD that still exhibits potential bullishness. In the same time RSI indicating overbought conditions the reason why the upmove was and will be limited to the monster resistence at 8.64K due to a profit taking.
Based on the above a pull back to the pivot at 7.55K area is expected and the price might test 7.24K before the continutaion of the bull run.
The trend is slighty bullish as long as we are above 7.24K, while it seems as though 6.49K is going to hold in the long run for the majority of 2018.
Support 1: 7550.000 level.
Resistance1 : 8640.000 level.
Support 2: 7240.000 level.
Resistance2 : 9122.000 level.
Expected trading for today:
is between 7550.00 and 8640.00.
Expected trend for today :
Slighty Bullish.
Medium Term:
Neutral.
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.
/ Project by @knircky & @famunger /
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