Time: 8.18 A.M. / GM+2 / 24 Apr 2018 – Tues.
Bitcoin has again entered a period of consolidation and trading with weak bullish bias to surpass 9K supported by stochastic positivity and EMA50. The tight consolidation will try to push the price twoards the area 9.45K - 9.73K. Note, the price can easily fall from this area.
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In our previous post / 571 / we had forecast the trading range will be between 7.84K and 9.12K. The intraday high was 9.25K and the low was 8.81K.
The price failed to pull back, as 5H expanded into a new bullish candle series, forming a Channel Up ( RSI = 66.656, BBP = 177.8282, MACD = 179.400 ).
1D displays a strong resistance zone between 9.45K - 9.73K.
On 4H we are mostly interested with reverse H&S pattern. As price is coming to neckline, retracement is possible to keep harmony of this pattern.
Based on the above, the trend for today is slighty bullish and we expect the below A-B-C move during the upcoming weeks:
( A ) We expect upside action within 1-2 sessions to neckline between 9.45K - 9.73K ( April High ).
( B ) Rejection from current resistance 9.45K - 9.73K and retracement is expected towards 7.30K - 7.64K ( May Low ) to form right arm of our reverse H&S pattern.
( C ) Rise towards the potential target of this reverse H&S stands around 10.17K - 10.40K is expected, followed by 11.78K ( 1W 38.20% Fibonacci ) to focus on the 12.40K ( Early June ).
Support 1: 8643.000 level.
Resistance1 : 9450.000 level.
Support 2: 7610.000 level.
Resistance2 : 9737.000 level.
Expected trading for today:
is between 8643.00 and 9737.00.
Expected trend for today :
Slighty Bullish.
Medium Term:
Bullish.
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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