Bitcoin Update April 12

[Boomerang Capital]

Price looks to be losing strength on this recent bounce as it is rejected at $7k.

Price Action Levels
Resistances - Moving the fib set to encompass the lower time frame move, we see that price was rejected by the .786 fib at $7k, we see that this will be an important level to break above before going higher. Above $7k we see an intermediate resistance that gave price some flack on the way up at $7.2k. Most importantly we need to see a break above $7.5k to confirm a higher high and temporary uptrend.

Supports (same situation as yesterday)
There is a chunky zone of support at $6.6k, of which held price up for quite some time. As it continues to get tested it will lose strength as buyers at that level begin to exhaust. A break below $6.6k will likely send price down to a potential double bottom at $6k.

Indicators
Moving Averages - The weekly candle remains above the important 50 MA for the time being. Reminder, the weekly candle closes at 8 p.m. EST on Sundays.

Ichimoku Cloud - Price was unable to hold above the $7k level where the kijun on the 4H resides. A break above this level, which coincides with a fib and previous resistance, will be a crucial step to recovery.

Oscillators - On the 1D looking at the k-line on the stoch RSI we see that it is headed towards a trending resistance line it has followed over the past month. We need to see a break and hold in the overbought zone to see a significant rally on the daily.

Conclusion

Price is coiling inside of a consolidation pattern at the moment, after the larger move down. High energy moves (volatile) are usually followed by low energy moves (stable/sideways) and vice versa. The main levels we are watching remain the $6.6-6.4k orderblock that has floated price for the past week or so as support, and the $7.5k zone of resistance, which, if broken above, would signal a higher high and the start to a uphill climb into a potential bull trend

HAVE NO IDEA HOW TO POST MY CHARTS

Twitter & Telegram: @BoomerCapital
Website: https://boomerangcapital.org/

[tonylewisverdu]

don't worry its still going to go further than 7k.. im telling you after this healthy correction we will have a new all time high..

[atrocityx]

don't worry its still going to go further than 7k.. im telling you after this healthy correction we will have a new all time high..

I agree but we have further to go first.  We seem to keep knocking on the same doors of resistance which means we gotta go back to base and pick up some buying power.  I think we either have to double bottom at 6k (imo unlikely) or we have to retest 4900-5100 resistance level where there will be tons of interest (even if just in a flash crash for an hour or two, I think this will be the bottom institutional support money will be looking for).  The correction is almost over but still a little left to go. The frustrating part is making money in this lul period. I'm really hesitant to short or long without some more confirmation even though I'm about 70% sure we are going down in the short term.  Let's just go ahead and get there all in one swoop so we can get our moon suit back on!

[Minus7point5]

Thank you for this generous update... Truth be told there are still many of us left in negative money since this dip.
Its not quite time to start celebrating just yet.

[kolinko]

Thank you for this generous update... Truth be told there are still many of us left in negative money since this dip.
Its not quite time to start celebrating just yet.

The market is showing signs of recovery slightly. If bitcoin can cross $ 7k4 then it will grow very strong and then the cryptocurrency market will also grow. I am waiting for the happenings in the next few days to be able to more accurately predict this market.

[TheLivingcrypto]

How far do we need to rise to break the downtrend?

[gantez]

Thank you for this generous update... Truth be told there are still many of us left in negative money since this dip.
Its not quite time to start celebrating just yet.

Off course, some laughing in trade while some waiting to be let off the rope But market have started showing signs for recovery. It looks like a break is expected from threads here.

[hase0278]

How far do we need to rise to break the downtrend?

Bitcoin needs to rise up to 10,500$ level in order to break the downtrend and start another bullish run. I think this level is the one needed to be broken since IMO we will see a wall near this price range that will try to stop btc to go higher. Nevertheless, I think price needs to fall more in order for us to see a healthier market. The deeper the fall, the higher it will rise on the next bullish run(which will happen after the next halving at most).

[Dalkore]

We are almost done with Tax Season in the United States.   It will be interested to see if that was part of the overhang outside of the China crackdown.   

-D

[eminemcookie]

There's little volume in either direction to really test any support or resistance. I don't find it likely that there will be much resistance at the 7k price level if there was any significant buying pressure. The price could move up or down for here but immediately it seems we'll continue fluctuating around a few percent.

[Jonsnowstark]

Well looking at it i hope its gonna cross the 7k mark. I think thats what we've all been waiting for. The recovery is taking to long and slow. I just hope the tides will turn very soon. I dont think its goin any lower than $6000. It may just go peeking at $7000 and once it reached that mark may start the bull run.

[zolfa]

How far do we need to rise to break the downtrend?

Bitcoin needs to rise up to 10,500$ level in order to break the downtrend and start another bullish run. I think this level is the one needed to be broken since IMO we will see a wall near this price range that will try to stop btc to go higher. Nevertheless, I think price needs to fall more in order for us to see a healthier market. The deeper the fall, the higher it will rise on the next bullish run(which will happen after the next halving at most).

good prediction, but are you sure bitcoin will rise to $ 10,500 in this year? when will it happen? whether after correction? and after high, how long will bitcoin survive? I think it will be difficult.

and I think when there is still a lot of sales panic, the bitcoin value will still drop drastically, and after the panic sales, the bitcoin will rise and high again.

[catok broek]

if the bitcoin price remains stable at around 7k till May, some people will be panic and some people will use it to buy cheap. afterward, markets charts will show the significant moves. if this truly happen then I'm sure that exchanges experts have come here to do their things. and it means bitcoin price will still rise up to 20k in the end of this year.

[1C6fV5DtakfKANLJ8GUV7hCaA]

Price looks to be losing strength on this recent bounce as it is rejected at $7k.

Price Action Levels
Resistances - Moving the fib set to encompass the lower time frame move, we see that price was rejected by the .786 fib at $7k, we see that this will be an important level to break above before going higher. Above $7k we see an intermediate resistance that gave price some flack on the way up at $7.2k. Most importantly we need to see a break above $7.5k to confirm a higher high and temporary uptrend.

Supports (same situation as yesterday)
There is a chunky zone of support at $6.6k, of which held price up for quite some time. As it continues to get tested it will lose strength as buyers at that level begin to exhaust. A break below $6.6k will likely send price down to a potential double bottom at $6k.

Indicators
Moving Averages - The weekly candle remains above the important 50 MA for the time being. Reminder, the weekly candle closes at 8 p.m. EST on Sundays.

Ichimoku Cloud - Price was unable to hold above the $7k level where the kijun on the 4H resides. A break above this level, which coincides with a fib and previous resistance, will be a crucial step to recovery.

Oscillators - On the 1D looking at the k-line on the stoch RSI we see that it is headed towards a trending resistance line it has followed over the past month. We need to see a break and hold in the overbought zone to see a significant rally on the daily.

Conclusion

Price is coiling inside of a consolidation pattern at the moment, after the larger move down. High energy moves (volatile) are usually followed by low energy moves (stable/sideways) and vice versa. The main levels we are watching remain the $6.6-6.4k orderblock that has floated price for the past week or so as support, and the $7.5k zone of resistance, which, if broken above, would signal a higher high and the start to a uphill climb into a potential bull trend

HAVE NO IDEA HOW TO POST MY CHARTS

Twitter & Telegram: @BoomerCapital
Website: https://boomerangcapital.org/

Hey dude, good news for you. It's April 13 and price is at 8k USD. Rejoice my friend. The rally months are coming.

[mulukey]

Bitcoin prices have been rising again since April 12, 2018. Currently, bitcoin prices continue to rise in the cryptocurrency market. This is a sign that stability is also bitcoin has come back and create momentum in the future development. I really hope a growing cryptocurrency market

[neo444]

Now the price of bitcoin is 8127$ so i think the price of it gonna be over than 15000$ in few months and i think this is the time of increasing bitcoin price

[lukmandog]

hey there, now bitcoin price is $8100. Let's hope no bad issues will come over bitcoin. and let's not expect the price will go straight up. we realize that some people with their big fund will play their roles in markets for their own interests. Let's fight the FUD wherever and whenever it is.

[Walrus1]

So PayPal is going to process btc, that's a good thing. Also it seems this most recent drop timed with US tax time. People needed to pay those tax bills. Perhaps we will see some growth now

[rosepetals]

Thank you for this generous update... Truth be told there are still many of us left in negative money since this dip.
Its not quite time to start celebrating just yet.

Off course, some laughing in trade while some waiting to be let off the rope But market have started showing signs for recovery. It looks like a break is expected from threads here.

Thats right mate moving up to $8100 seems a very good sign for bitcoins total recovery.As what i have read from other threads predicted that by the end of April  bitcoins slowly pumps up,i have always thought about that it will happen.Now it finally does,i think theres another hope for all of us that the long wait is over.Bitcoin lives for long years of its existence.