Bitcoin Update May 8

[Boomerang Capital]

Price trying to break above $9.4k at the moment after finding support on the cloud.

PRICE ACTION LEVELS
Resistances
At the moment the intermediate level of previous support/resistance is holding price back. A break above this gives us room to test $10k again.
Our primary resistance we have ahead of us is the $9.75-10k region created by previous resistance.

Supports
We have a bit of support around $9.2-9.1k created by previous price action and the .5 fib.
Below this level we see stronger support from $8.7-8.6k


Chart Pattern (Symmetrical Triangle)
The symmetrical triangle pattern seems to have broken out, the volume could be a bit better but it still qualifies. The measured move target is the range of the triangle ($9.7k-$8.7k=$1k) added on to the point of the breakout ($9.3k), which equals $10.3k. [Target still in play]

INDICATORS
Moving Averages (same situation as yesterday)
We saw the 200 EMA act as support for price on the daily chart. We are still wedged between the 200 EMA and 200 MA on the daily chart. A break above the 200 MA would be a boost of confidence in buyers and potentially create some FOMO to the upside.

Ichimoku Cloud
Price broke below the kijun and the tenkan on the 4H but was unable to break below the 4H cloud (as of now). This lines up with support around the .5 fib and could provide a good base for reversal back to the upside.

Oscillators
The sell off yesterday dropped the RSI below the previous valley in the daily RSI, creating a hidden bullish divergence on a higher time frame. This gives us hope that we see the rally continue higher off of the current support.

Bolliger Bands
We see price currently finding support at another indicator, the daily bollinger bands, right on the midline. Looking into the bollinger band width, which acts as a volatility index, we see that the volatility on the daily has not been this low since November of 2017 (7 months ago). It is not likely this low volatility continues, due to it being way below the average, so the days of slow and low movements should be over soon.

Conclusion
Price has found some support around $9.1k created by a confluence of indicators and a fib level.
The hidden bull div on the 1D leads us to believe there is potential for continuation of this up move. This sell off happened sharply yesterday, probably due to the fear of the SEC meeting that was rumored to occur today. A break above $9.4k should send price back up to test the $9.75-10k level of resistance once again.

Twitter: @BoomerCapital
Web: boomerangcapital.org

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[ohkkstaaahp]

Yes, Bitcoin will continue to fall below $ 9,000 on May 8th. So let's be patient, if you have a profit at this price, sell it and whoever loses it should be patient. Let's hope high on the Crypto market.

[rodskee]

yeah great news everyday I monitor the price value of bitcoin in the coinmarketcap, yesterday almost reach the bitcoin price at 10,000k usd I think this a sign for bitcoin price going  up rise into the market in become expensive again.

[campbell.box]

If BTC can be above 9600 this year, I think the callback is over and then start to rise!

If it fluctuates below 9600, the market will continue to fluctuate!

At present BTC's rise, over 10000 usd is the trend!

[Johnyz]

yeah great news everyday I monitor the price value of bitcoin in the coinmarketcap, yesterday almost reach the bitcoin price at 10,000k usd I think this a sign for bitcoin price going  up rise into the market in become expensive again.

Yep, I'm expecting this thing after a big correction. Let's just wait for a bigger sign, and it can happen this month. A lot of good news will come for sure so we can see bitcoin on $20k level again or even higher. Bitcoin is amazing, don't panic easily if you saw some short correction.

[jomel]

Well that is a great news and idea that will help a lot. We will now monitor each of our bitcoin account so we can monitor the bitcoin value.

[Sinecoin]

This most recent drop down to $9.3k was kind of disheartening but I hope you are correct, because we've in this bear market for as long as I can remember and I feel like were due for another bull run.  Many altcoins such as bitcoin cash, Ethereum and litecoin (somewhat) experience impressive increases in price while bitcoin was just sitting stagnant.  I think it's definitely due for a massive price spike.