Bitcoin Trend Series / EP. 569 / Retracement During Recovery Phase Is Needed / Steem Bounty Reward

Time: 8.18 A.M. / GM+2 / 21 Apr 2018 – Sat.

Market Factors

• The market is currently being supported by positive news, announcements and research and the sudden interest in cryptocurrencies may have been provoked by the current stock market corrections, as well as the end of the tax revenues season in the U.S.

• The Bolivarian Republic of Venezuela is home to one of the worst hyperinflation crisis in the world ever. As the value of the Venezuelan Bolivar plunges in the streets of Caracas, which lowers the purchasing power of the official minimum wage, the government keeps issuing more currency as it raises the nominal minimum wage, the reason why the volume of person-to-person bitcoin trading in Venezuela hits record high ( 2.7 TRILLION Bolivars ) last week. For more info, feel free to read: Bitcoin Trading Hits Record Highs In Venezuela As Inflation Looms

Technical

1- In our previous post / 568 / we had forecast the trading range will be between 7.55K and 8.64K. The intraday high was 8.93K and the low was 8.21K.

2- Bitcoin price has managed to overcome several resistances yesterday and now it is above the monster resistance at 8.64K ( upmove to 9.12K is expected followed by healthy retracement ). Personally I do not like the current move, the reason why I will only engage in a long in a retracement:

• Stochastics still haven't overcome the previous overbought tops and it reflect a divergence signal.

• McClellan Osclillator hasn't presented a positive divergence or a spike above 50 ( it is below -100 ).

• ADX line is downtrending in a movement like this and Hurst Cycle still hasn't signaled an uptrend recovery.

• In all significant movements up in this 2018 bear market we had significant higher than average volume ( Average daily volume is 39.76K/34.94K ).

Sentiment

The trend is slighty bullish as long as we are above 7.24K. If this uptrend is sustainable, we're still in the recovery phase and will have plenty of room to enter. So will wait for confirmation in an eventual retracement to confirm the continuation of uptrend, before we go long.

Support 1: 7900.000 level.
Resistance1 : 9122.000 level.

Support 2: 7240.000 level.
Resistance2 : 9600.000 level.

Expected trading for today:
is between 7900.00 and 9122.00.

Expected trend for today :
Slighty Bullish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
5947.00.

The high of 2018 (BitcoinTrader's Year):
13660.00 level / Expected.

The high of 2019 (Bitcoin Holder's Year):
25000.00 level / Expected.

Remember in order to qualify for a @steem-bounty reward
/ Project by @knircky & @famunger /
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