The rising wedge has broken, what’s Bitcoin’s next target?
Both long and short term prediction for Bitcoin — 10th April Bitcoin market analysis
Good Friday crypto folks! In the meanwhile, we have broken out of the rising wedge and Bitcoin has failed to overcome the 50D MA resistance. Bitcoin is currently trading at $6900 and we would try to understand whether this is the maximum Bitcoin could go down for the time being or lower 6Ks are awaiting us. While we are still getting out of that rising wedge formation, there are early signs of a symmetrical triangle formation and we are also going to look at some on-chain trading indicators.
On an outside note, today is the first spring holiday and do not step out of your home no matter what the weather is in your part of the world. Remember the fast we get ourselves out of this coronavirus shit, the better off we are. So when enjoying your day-off from home let’s analyze Bitcoin’s next move! We will also keep our today’s post short leaving you more time to enjoy with your family!
According to the following post, this rally is one big sucker rally. Volumes are bad, open interests are even worse, so it is evident that whales are, as if, simply trying to distribute at these highs where it was expected the maximum price to be 6200/6500 month ago, then 6800 as THE max, but we got above it, but nothing changed volume-wise and OI wise. So as the volumes are low, manipulation is even easier although we could see another shakeout above 7500 to around 7800/8000.
https://www.tradingview.com/chart/BTCUSD/GNpRPwUf-Bitcoin-s-Bull-Trap/
Also, the symmetrical triangle was forming on the one hour chart since 6th April which also broke in the downward direction.
The author predicted that if there is a confirmed breakout of the lower boundary of the formation, aka the Ichi Cloud a short position can be initiated. So it might be a good place to start a short position.
https://www.tradingview.com/chart/BTCUSD/PYY0X6k6-BTCUSD-Symmetrical-Triangle/
According to the TradingView post, the weekly chart looks good for Bitcoin holders. The price bounced from the support zone formed by SMA200 and the uptrend line. RSI confirmed the reversal not far from the oversold zone. MACD supports upward movement.
The following market movement prediction has been provided by the author for the next 1–2 months:
The price will continue the upward movement and reach the downtrend line. The price action in this zone will be important for the market. If the price bounces, we will see a new downward movement to SMA100 and SMA200. The breakout above the downtrend line will give a bullish signal with the main target at 14 000.00 level.
if the price drops below the uptrend line and the local swing low, it will be a strong bearish signal. The target for sellers will be 3000.00 and 1000.00 support levels.The market looks bullish in the long run, and for the downward movement, we will need solid fundamental reasons.
https://www.tradingview.com/chart/BTCUSD/yc3CizIy-Bitcoin-The-Bullish-Market-in-the-Weekly-Chart/
Following are the best tweets from the past 24 hours period:
These are our favorite Reddit posts from the past 4 hours:
AAAANNNDDDD it’s a wrap! Ciao! Till tomorrow. Nägemist.
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