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Author Topic: Bitcoin Update April 18  (Read 37 times)
Boomerang Capital
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April 18, 2018, 12:01:32 AM
 #1

Price was rejected again at the zone of resistance from $8.2-8.3k, a break above this level remains critical to begin a real recovery and bullish trend on higher time frames.

Price Action Levels
Resistances - The next horizontal level of resistance we are keeping our eye on remains around $8.3k. This is a big level on the weekly and will be a very bullish sign if we manage to begin trading above this area. Above $8.3k we can start setting our sights on intermediate zones of resistance like $8.6k

Supports - The level of support directly below price at the moment is $7.8k.  Below $7.8k we are eyeing $7.5k for at least a bounce before moving back down to the previous trading range we were in last week.

Indicators
Moving Averages - Zooming into lower time frame moving averages, we see the 50 MA looks ready to cross above the 200 MA on the 4H, which would signal a golden cross, which is indicative of short term movement (50 periods) being stronger than the movement of the longer term past (200 periods). This signal is not necessarily a sign of an entry or exit, but rather a signal of confluence, support bullish movement.

Ichimoku Cloud - Price has managed to drop below the 4H cloud Tenkan line. At the moment this line will act as resistance, with the cloud support at $7.8k right below.

Oscillators - The 4H RSI has respected the trend line drawn in the chart for over a week now and a break below this trend line could be a sign of a short term dip.

Conclusion

Price is ranging between the important zone of $8.3k resistance with the support zone at $7.8k. A very solid break above or below this range will be telling of what we can expect in the future in terms of price.

Above $8.3k, longs and bulls will gain confidence and likely send price up to test higher time frame resistance at $9k, whereas a break below $7.8k will put the idea of a recovery out of a bull market back a few steps.

Twitter and Telegram Handle: @BoomerCapital
Website: boomerangcapital.org
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Xester
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April 18, 2018, 12:41:57 PM
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So far the bitcoin market is doing good and prices never fall below 7700$ but it also never goes up beyond 8200$. Though right now we may see that the support on bitcoin allows it to go back to 8000$ even a huge dump. But sad to say that it has a difficulty climbing up due to low trade volumes. But we are still positive that before December comes the rise of bitcoin will start again.
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April 18, 2018, 02:48:31 PM
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as of this month, so far price is not totaly down and not going up fast. hopefully bitcoin price this month(april 2018) will ramain to 7k to 8k or mor than that soon. still correcting the price so dont stop believing on it.

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April 18, 2018, 02:55:08 PM
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So far the bitcoin market is doing good and prices never fall below 7700$ but it also never goes up beyond 8200$. Though right now we may see that the support on bitcoin allows it to go back to 8000$ even a huge dump. But sad to say that it has a difficulty climbing up due to low trade volumes. But we are still positive that before December comes the rise of bitcoin will start again.
Before bitcoin touch the 8k level it wasvat 6.9 - 7.5k level and it comsolidate there for a week after that it surge quickly to 7.8-8.3k level  and settle down to its current price if big investor want bitcoin price to goes up thry can push up quickly and maybe this is not the right time yet for bitcoin price bullish trend.

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