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PRICE ANALYSIS: BITCOIN

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PRICE ANALYSIS: BITCOIN
April 11, 2018
Bitcoin price has been straddling the $6600 – $7000 range
for the past week. The market seems to be in consolidation. Its 67% correction
since $20k has left most bruised, bloodied, and broken.
Many reasons can be attributed to this, but more recent news
involving George Soros and Rockefeller may be most prevalent at this time. The
institutional money is here, and it’s bringing high frequency trading
algorithms with it.
This may seem bullish for the overall future of Bitcoin, but
make no mistake, this is bad news for retail investors. Regardless, let’s take
a look at the BTC/ USD chart for Coinbase.
Bull Case
Unless you trade at lower time frames, 1D chart doesn’t seem
to have much support from the bulls. Price may gain temporary support from VPVR
at its current state, for a short move to the upside.
Testing the median line of B-Bands at around $7230. With
enough momentum price may push $7500 levels. However this rally won’t be
sustainable because OBV invalidates the uptrend, and VPVR will provide
resistance at those levels.
Bear Case
Price action may never test the median and may go down to
touch lower B-Band at $6200. But first it will have to breach support at $6600
provided by VPVR. Leading indicator OBV suggests that price will respect the
downtrend in the near future. MACD is pretty useless right now. Happy trading!

For Live updates on this and all my analysis check out my Trading View

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