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Author Topic: Bitcoin Update April 19  (Read 44 times)
Boomerang Capital
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April 18, 2018, 10:10:42 PM
 #1

Price bouncing from our higher time frame zone of support and bullish order block at $7.8k, heading towards the $8.2-8.3k zone of resistance. Eyes peeled to see if it has the strength to break above this time around.

Price Action Levels
Resistances (same situation as yesterday) - 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 (same situation as yesterday) - 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 - After mapping out horizontal support and resistance based on simple price action, one can use moving averages and other indicators to give them extra confidence on these levels. Doing so today for BTC, we see that the 4H MAs are clustered at our level of support around $7.8k, signaling to use the importance of this level. ALSO, our resistance levels line up with the 50 MA on the daily chart ($8.2-8.3k) and the 200 EMA on the daily chart ($8.9-9k)

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 - As we have stated before, the daily chart's RSI has been unable to break above 60 during the entirety of this bear move. At the moment, though, we see it pivoting back upwards right below this zone of "resistance" on the RSI. A break above would be a sign of strength in the bulls and a really great argument for a new bull run.

Conclusion
At the end of the day, what matters currently with Bitcoin is the two zones of support and resistance it has been ranging between over the past few days.
A break above $8.3k with continued trading above this level will likely signal a move to $9k. On the flip side, a break below $7.8k will send us back towards the zone we were last week. Further along into the future, if we break above $9k, there is a very strong case that the bulls will be fully in control (at least for the time being/until proven otherwise). So, for now we're waiting for the score to be settled in this trading range

Sorry Im unable to post my charts.

Twitter and Telegram: @BoomerCapital
Website: boomerangcapital.org
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April 19, 2018, 09:26:43 PM
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Great analysis. I think that the $8.3k resistance is a level to watch for. We've now tested this level twice, and we'll see if BTC can breach it today as well. If BTC reaches or exceeds that level, it will most likely signal much greater growth upwards to the $9k resistance.

I don't think that we'll be looking at a regression back to under $7k any time soon, however, it's possible come correction of this pump that BTC does go that low.

I personally expect this rally to go to around $10k, then see a big correction due to downward selling pressure of the bears, before another period of bearish market activity. The main recovery isn't underway yet and probably won't be for a while.

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April 21, 2018, 12:13:29 PM
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Great analysis. I think that the $8.3k resistance is a level to watch for. We've now tested this level twice, and we'll see if BTC can breach it today as well. If BTC reaches or exceeds that level, it will most likely signal much greater growth upwards to the $9k resistance.

I don't think that we'll be looking at a regression back to under $7k any time soon, however, it's possible come correction of this pump that BTC does go that low.

I personally expect this rally to go to around $10k, then see a big correction due to downward selling pressure of the bears, before another period of bearish market activity. The main recovery isn't underway yet and probably won't be for a while.

Well it did touch the 9k resitance point but then as expected, a correction came in. We probably won't be seeing a 10k run just yet but who knows. At the moment, the run that started a few days back may have halted for a while.

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April 21, 2018, 12:36:22 PM
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Great analysis. I think that the $8.3k resistance is a level to watch for. We've now tested this level twice, and we'll see if BTC can breach it today as well. If BTC reaches or exceeds that level, it will most likely signal much greater growth upwards to the $9k resistance.

I don't think that we'll be looking at a regression back to under $7k any time soon, however, it's possible come correction of this pump that BTC does go that low.

I personally expect this rally to go to around $10k, then see a big correction due to downward selling pressure of the bears, before another period of bearish market activity. The main recovery isn't underway yet and probably won't be for a while.

Well it did touch the 9k resitance point but then as expected, a correction came in. We probably won't be seeing a 10k run just yet but who knows. At the moment, the run that started a few days back may have halted for a while.

personally i think we will see it in a few days later,
as we expected $9000 is a resistance for Bitcoin right now,that means we may see it surpassing that point to reach its major level in around $10.000 or it may be not.
in my opinion $9000 is not a big deal for Bitcoin because right now IF we are on a reversal trend*,*it could go higher and surpassing those level.
and right now many alts started to bleed,it might be because of Bitcoin.
the money might be started to flow from altcoin to Bitcoin,so it could go up from this point and breaking its major resistance.
everything is possible,but i hope it's Bitcoin scenario.
so we can start the party after it stabilize itself in around $10.000


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