Time: 8.42 A.M. / GM+2 / 28 Apr 2018 – Sat.
The year 2018 has not been too great for Bitcoin and other cryptocurrencies, with a strong bearish trend during Q1 of this year. The markets seems are recovering pretty quickly but we believe a temporary dip is expected at this stage.
Keep your pants up, be ready to visit the support below the 8K zone before the continuation of the up trend and keep in mind that, this volatile market has seen solid upward momentum since its inception.
It seems evident this up trend will continue unabated and regulating bitcoin gives it a more legitimate investment appeal, which is something the world’s leading cryptocurrency direly needs at this stage.
In our previous post / 575 / we had forecast the trading range will be between 8.643K and 9.400K. The intraday high was 9.381K and the low was 8.872K.
No change in our long term forecast as we have DiNapoli Volatility Breakout Pattern on background. The reason why we expect upside action towards 12.40K area on weekly chart.
DiNapoli usually suggests at least 5/8 reaction in direction of breakout. If we calcluate the 5/8 we will see the target must be 14.5K, but as the upside action has started form 6.49K the upside target will be around 12.40K / The reason why the high of 2018 might be between 12.40K and 13.66K /.
- No change also in our short term forecast as we still expect after the rejection from 9.767K ( April High ) that the price will visit the 7.50K - 8.00K ( Early May ) area to build our inverted head and shoulders pattern, as we wrote in our previous posts / 572 / & / 573 /.
The price will hardly break the resistance2 at 9.767K as the market will need some additional impetus to do it, but in the same time, there are no significant bearish signals. Therefore, bitcoin price is likely to further oscillate around 9K, the reason why we expect swingy move for today ( the third day ) betweem 8.643K and 9.400K.
Only clear breaking of 9.911K will cancel our scenario regarding the reverse H&S.
Based on the above, the trend for today is slighty bullish and A Swingy Move between 8.643K and 9.400K is expected.
Support 1: 8643.000 level.
Resistance1 : 9400.00 level.
Support 2: 8350.000 level.
Resistance2 : 9767.000 level.
Expected trading for today:
is between 8643.00 and 9400.00.
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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