Bitcoin Trend Series / EP. 562 / Swingy Move Before The Next Surge / Steem Bounty Reward

in bitcoin •  last year

Time: 8.22 A.M. / GM+2 / 14 Apr 2018 – Sat.

So the jump was done due to the bullish reversal on March 30 as our forecast on / 556 / when we wrote:

The swing between 6.49K and 7.12K will take end and the trend will become bullish around 12-15 April as I am expecting a pretty upside move.

The question now is what after the jumb?!

Market Factors

Supporting the upside move at this moment are:

  • The current geopolitical tensions between the United States and Russia amid a potential military intervention in Syria, because the fear drives investors away from higher-yielding assets as they flock towards safer assets, such as gold and crypto as US President Donald Trump has ordered precision strikes targeting Syrian President Bashar al-Assad's chemical weapons capabilities, in conjunction with and Russia claims chemical attack in Syria was "staged and directed by UK".

  • The expected selling pressure due to U.S tax payment deadlines seems to have abated.

  • The ratio of short trades versus longs in Bitcoin have been at extreme levels and, as buying increased, the shorts got liquidated, causing a squeeze.

  • Sowa Labs, a subsidiary of Germany’s second largest stock exchange Börse Stuttgart, will release a cryptocurrency trading app ( Bison ) later this year, according to the app’s website.

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Cartoon Source

Technical

  • In our previous post / 561 / we had forecast the trading range will be between 7.38K and 8.26K. The intraday high was 8.24K and the low was 7.76K.

And as our prediction in last post:

"A swingy pattern might be formed soon between 7.38K and 8.26K but bitcoin could resume trading on fundamentals.."

We still believe, a ping pong move between 7.38K and 8.26K will start soon.

  • Bitcoin price hasn't seen more than 5 green daily candles in a row since the reversal, while it seems as though 6.49K is going to hold in the long run, would it be smarter to wait for a pull back from here to around 7.3K region before taking long positions.

  • Keep an eye on the momentum indicator. It's in the process of forming a higher swing high as we'd need to see a series of higher price-swing highs and lows to can see another surge higher.

Sentiment

The trend is bullish as long as we are above 7.38K but a swingy move most likely start and the price might move towards 6.95K - 7.38K area by Monday before the next surge towards our next target located at 8.643K.

Support 1: 7380.00 level.
Resistance1 : 8260.00 level.

Support 2: 6950.00 level.
Resistance2 : 8643.00 level.

Expected trading for today:
is between 7380.00 and 8260.00.

Expected trend for today :
Bullish.

Medium Term:
Neutral.

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.

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Should the swings go above 7.38k, it will encourage even more short trades as being bullishness is the hype of forex. Anyways the factors affecting these currencies are getting a bit favourable overtime. As for the introduction of bison, that would enhance easier and smooth trading not only for the Germans but to us all. Let's watch and wait. Happy weekend sir.

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I really appreciate. Thanks so much and please check out my blog if you don't mind.

Now the wild predictions and the lots of Positives coming in shall we see another bull run soon :D

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Hehe .. You are right

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Bitcoin and crypto have perked up recently. The bulls are coming out. They’re saying that we will be going to 6 figure prices in the next boom, sometime in the 2020-2022 time frame.

With the attention of Wall Street, the crypto "street cred" is definitely rising. After a large correction in price, the interest in bitcoin and other blockchain technologies continues to rocket higher. The Wall Street "brain drain" is attracting the top talent. The announcement of Illuminati-esque investment firms green lighting crypto investment, could also be signaling a short lived bottom in the market.

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Good informative post, I like your post
Thanks for sharing

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we support u a lot so you should also support us by up voting my post or comment.upvote me once in steemit with 100%vote pls once in steemit upvote me like your i will be so happy upvote my post or comment

Hi. I like steemit bitcoin news about the money for the blog. With the attention of Wall Street, the crypto "street cred" is definitely rising. After a large correction in price, the interest in bitcoin and other blockchain technologies continues to rocket higher. The Wall Street "brain drain" is attracting the top talent. The announcement of Illuminati-esque investment firms green lighting crypto investment,.thanks for so much for your sharing.

This post has received a 8.91 % upvote from @booster thanks to: @lordoftruth.

Interesting article, subscribed, I hope for reciprocity!

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Wonder if some institutional buyers are feeling fomo.