Bitcoin [BTC] - Update 25/04/2018

Good morning all. Quick post, busy times... Good to see BTC trying for 9.8 last night. Good that if failed too. Would have been too fast, too soon, IMHO. I expect the journey to 10K to have many bumps still and I am still not quite over my idea of a retrace, although I think 8.5 is now definitely the most likely and 8.1 an outlier. There are many bullish signs, but a good one is the 1D RSI. It has been a while since we came close to overbought. In fact, the last time was when we started the run to 20K. We did not start from the oversold area that time and we all know how it ended eventually. Also, volume was pretty high at the time. This is more like the time before that: September through October. The run before the run. Started at bottom of RSI, low volume, drop in RSI after but a continuance up till we hit a small correction mid November, just before the 20K sprint. Not that I am expecting it to follow the same pattern, but it looks bullish enough.

We are in a upward converging wedge pattern, so we might see a correction soon. Might, not guaranteed. IF we do, it probably will be to either just below 9K or 8.5K. I like small corrections during an uptrend. They add fuel. Rising wedge with declining volume indicates a more bullish possibility, namely a breakout through the upside. The silence before the storm with big money waiting for the opportunity to buy back in cheaper. Also note that we may have a full candle above the 200MA again. My charts are on Tokyo time zone by the way.

All in all: positive and expecting a test of 10K in the next few days or weeks. Some ups and downs, but that is expected.

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