Bitcoin Trend Series / EP. 555 / Bitcoin Volatility Has Improved But Big Volume Is Needed / Steem Bounty Reward
Time: 8.13 A.M. / GM+2 / 7th Apr, 2018 – Sat.
- The launch of cryptocurrency exchange-traded funds (ETF) will be the big catalyst to restart the bullish trend. After shutting down the idea in 2017, the SEC has officially initiated a formal inquiry into the possibility of allowing Bitcoin exchange-traded funds (ETFs) via a change to one or more of its rules. ETFs soon? Maybe. For more info, feel free to read: Exchange Traded Fund.
The Reserve Bank of India banned banks from allowing people to transfer money from their bank account into wallets, which also weighs on one of the markets of the cryptocurrency.
Risk aversion has returned to the markets once more on worsening trade tensions between the US and China. Neither party is refusing to back down and has announced more sets of higher tariffs on each other.
- In our previous post / 554 / we had forecast the trading range will be between 6.185K and 7.380K. The intraday high was 6.90K, and the low was 6.50K.
And as our prediction in last post:
"sideways movement to the maximum of 7.12K and retest of 6.49K .."Bitcoin price tested the 6.50K and try to move towards 7.12K ( ping-pong move ).
- The only practical addition since my last post is the volume still remains on low levels. The decelerating pace on 1H (ADX = 16.282, CCI = -32.8298, Highs/Lows = 0) as the price approaches the support = 6.49K is: Just another sign of how imporant this level is considered to be by traders.
We still suggest for today the bearish trend domination, unless the price managed to breach 7.38K and hold above it, with sideways movement between 6.49K and 7.12K .
Bitcoin price has a chance to show a healthy recovery this month after a dismal March as April is historically considered as one of the best months for the digital currency.
We expect bitcion to meet buying between 6.18K and 6.49K, but the recovery process will hardly be fast as bitcoin volatility has improved but big volume is needed.
Support 1: 6490.00 level.
Resistance1 : 7380.00 level.
Support 2: 6180.00 level.
Resistance2 : 8180.00 level.
Expected trading for today:
is between 6490.00 and 7380.00.
Expected trend for today :
Slighty Bearish.
Medium Term:
Slighty Bearish.
Long Term:
Bullish.
The low of 2018:
5947.00.
The high of 2018 (BitcoinTrader's Year):
14000.00 level / Expected.
The high of 2019 (Bitcoin Holder's Year):
??? The new all time high is expected.
/ Project by @knircky & @famunger /
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In fulfilling your dreams..
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Happy Easter!
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Congratulations! Your submission earned you 0.397 STEEM from this bounty. You have received 0.397 STEEM from the creator of the bounty and 0.000 STEEM from the community!
Nice easter eggs! I prefer the orange one.
I love also the orange one..
Happy Holiday..
Ain't they a week late though?
Need to provide better ways of spending, so it's easier to use than cash or debit card, then people will find a way to get hands on BTC
Congratulations! Your submission earned you 0.099 STEEM from this bounty. You have received 0.099 STEEM from the creator of the bounty and 0.000 STEEM from the community!
Maybe June will be better for the world of cryptocurrency.
wow this is really amazing
A bounty of 0.551 STEEM has been set on this post by @lordoftruth! You can read how they work here.
Well the volatility will be back with the high volume. The only reason why we aren't seeing volatility note is lack of trade!
Thanks for this wonderful update on support and resistance , i have been making use of it as s guard for entering and exiting the market and it has not failed .more strenght to your elbow.
This post has received a 7.82 % upvote from @booster thanks to: @lordoftruth.
People fear what they don't understand and this might be the reason for reserve bank of india's move. I don't understand their problem, tranferring money from my bank to a KYC verified exchange and to trade, what's wrong with that? Many people in india are panic selling at the moment :-(
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