Bitcoin (BTC): Daily Price Action (Wed, 04-Apr-2018)

in #bitcoin • 8 years ago

For education purposes only.

Price (grinding up)

Following on from yesterday's review (here), the BTC price has climbed from a low of $6,400 and is today trading at $7,400.

BTCPriceScenarios_040418price1LOGO.png

It has been a bit lethargic move, so may peter out when the price encounters the overhead resistance starting at about $7,600.

BTCPriceScenarios_040418price2.PNG

Volume (Down but flattening)

The average trading volume has continued to fall as the price approaches the overhead resistance area.

BTCPriceScenarios_040418VOL.PNG

The On-Balance-Volume (OBV) indicator is challenging the descending trendline (thin, red) and is shallowing its descent.

BTCPriceScenarios_040418OBV.PNG

This may indicate strengthening buyers.

Bias (Neutral)

I currently have a neutral stance, as even though this recent rally looks promising, the sluggish move doesn't indicate strong buyer conviction.

I'm looking for the price to break the area of overhead resistance ($7,600-8,400) on the back of decent trading volume (well above the 10k mark on Bitfinex) and then a small pull back for a long trade (mid term target around $11,500 mark).

Until tomorrow (at CoinFest UK)

Bobby

#cryptocurrency #trading #review #investing
8 years ago in #bitcoin by
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