Technical analysis of the Bitcoin price - April 16, 2018

After the big jump last Thursday, which broke the $ 7400 resistance level, the cost of the Bitcoin was $ 8,000-8,400. Currently, technical indicators signal that the more likely direction is upwards, as the bulls begin to regain momentum once their strength has been temporarily weakened.

However, the analysis shows the possible levels to which the biggest cryptocurrency could reach in a possible correction of last week's surge. When reaching 7800, 7600 or even $ 7400, there should be no big worries, as lower Bitcoin prices can attract new buyers to raise their value again. However, if the price falls to $ 7,000-7,200, it means that vendors are once again taking over the crypto-market.

The most likely reason for the decline since the beginning of the year is analyzing tax payments for 2017, which ends in the United States tomorrow, and in Japan, the deadline was in the middle of last month. For this reason, traders are expecting good days for Bitcoin, and the past shows that the second quarter is usually positive for the crypto. In addition, trade volumes are increasing despite the lack of regulatory clarity in a number of countries and partial bans in India and Pakistan.

The analysis is for informational purposes only and does not constitute advice, recommendation or offer to buy or sell Bitcoin, any other crypto or financial instrument. SuggeElson LTD is not responsible for any losses after the use of the current analysis. Invest wisely and only amounts that you can afford to lose.

image source - tradeView