Time: 9.00 A.M. / GM+2 / 23 Apr 2018 – Mon.
- Sentiment Indicator ( The bad ): Speaking of investor perceptions and on the issue of sentiment, the chart below shows a composite of Google trends ratings for various search terms , such as bitcoin mining, buy bitcoin, etc...As we see, there has been a sharp drop-off in interest, for perhaps obvious reasons and I do not think this will support the recent bull run.
- PayPal Policy Changes ( The good ): With the new direction of PayPal, the recipients of funds will be "discriminated" based on the country of residence and a flat fee is to be introduced, which can ramp up to $4.99 per transaction. The reason why I believe, these new changes will force people to look for alternatives and most likely will cause a boost for bitcoin and other cryptocurrency.
In our previous post / 570 / we had forecast the trading range will be between 7.84K and 9.12K. The intraday high was 9.04K and the low was 8.75K.
The volume is higher than what we had seen on the the last days but this is not what we usually see during a strong reversal.
RSI is now quite close to levels at which Bitcoin price tipped over and went down recently. So if the recent history were to repeat itself, we might see a move down from 9.12K, or some strength to 9.73K followed by a move down.
The last upmove above 8.64K is not strong bullish as it might seem. The implications here are either depreciation or a double local top followed by a move down. My point of view, the implications are bearish rather than bullish at the moment and a little bearish action can make the implications bearish all over again.
Based on the above, the trend for today is neutral with chances:
Of continuing the weak bullish wave towards 200-day MA at 9.73k followed by a retracement.
For a down move retracement from 9.12K as we wrote in our previous post.
Support 1: 7840.000 level.
Resistance1 : 9122.000 level.
Support 2: 7240.000 level.
Resistance2 : 9737.000 level.
Expected trading for today:
is between 7840.00 and 9122.00.
Expected trend for today :
Neutral.
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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