Bitcoin (BTC): Daily Price Action (Thurs, 05-Apr-2018)

For education purposes only.

Price

Following on from yesterday's review (here), the BTC price has retraced back to the rising trendline (green, thick) and is now trading at $6,750 (Bitfinex) having failed to get through the overhead descending trendline (red, thin).

This is not necessarily a bad sign for the bull scenario, as the price has potentially put in a higher high and now a higher low.

Of course the price most hold here and not drop below the previous low of $6,400 for this interpretation to be valid.

Volume

The average trading volume has remained steady at about 10k (bitfinex), so I don't expect any price shocks at the moment.

Bias

I'm leaning towards being a Bull again, given the relatively positive price action. Still looking for a convincing break of the overhead descending trendline, a close above the $8,000 mark, a small pull back, then perhaps a long trade.

Until tomorrow,

Bobby.