Bitcoin Trend Series / EP. 570 / Seasonality Indicator / Steem Bounty Reward

in #bitcoin7 years ago (edited)

Time: 8.30 A.M. / GM+2 / 22 Apr 2018 – Sun.

Market Factors

The last upmove from April 1 lows below 6.49K towards 8.64K ( 34 percent ) was not surprise for us, as we expected in our previous posts:

  • / 556 / Pretty Upside Move On The Way on April ( It is historically considered as one of the best months for the digital currency ).

  • / 559 / Bitcoin Prepare For A Boost as Tax Day would eventually trigger an upside move for the bitcoin price.

And as we see, since tax season came to an end bitcoin price is performing well in the market today as it tests 9.06K. So seasonality analysis for April worked fine and seasonality indicator reflect that An another seasonal surge will occurs around the middle of June. So my question is, should be on any bitcoin / crypto-investors mind is will June see the same seasonal surge as on past? We have to wait and see, time will tell.

111.jpeg

Technical

  • In our previous post / 569 / we had forecast the trading range will be between 7.90K and 9.12K. The intraday high was 9.06K and the low was 8.61K.

  • After the consolidation between 8.00K and 8.40K , we finally saw the breakout of the 8.64K resistance and as we mentioned in / 569 / breaking this level will send the price up to test 9.12K over the weekend, and we still wait for an eventual retracement from 9.12K to confirm the continuation of uptrend. Because most likely a profit taking at this level will take place, therefore, traders should be cautious with longs above 7.84K which has become a support. The reason why we believe a retreat will take place in the coming days.

Sentiment

  • The trend is slighty bullish as long as we are above 7.84K. If this uptrend is sustainable, we're still in the recovery phase and will have plenty of room to enter. Let wait for an eventual retracement to confirm the continuation of uptrend.

  • Despite the pullback from 9.06K, bitcoin price may crowd out weak bulls by revisiting the trendline support ( former resistance ) before testing 200-day MA at 9.73K.

Support 1: 7840.000 level.
Resistance1 : 9122.000 level.

Support 2: 7240.000 level.
Resistance2 : 9737.000 level.

Expected trading for today:
is between 7840.00 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.

Bounty.png

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

You must write a comment to the this post.

10559903_827991603901191_6823467013727099018_n.jpg

YOU SHOULD NOT TAKE ANY MATERIAL POSTED ON THIS BLOG AS RECOMMENDATIONS. TO BUY OR SELL BITCOIN OR ANY OTHER INVESTMENT VEHICLE LISTED.

Writing a series means playing a long game,
investing considerable time and effort up front in
hopes of considerable returns down the road.
I'm so proud of my little blog, and so grateful to all of you
for support to keep it going.

If You are New in Trading  --> Read Trading Education Center / Volume I.    

What You Know About --> Fibonacci Retracement in Trending Market.   

5000.gif

Sort:  

What we saw recently is better than expected. Isn't it? Not yet time for euphoria, but for confidence. I'm patient, but we'll see 10k during the next few weeks.

As always the lord with us ..

Congratulations! Your submission earned you 0.309 STEEM from this bounty. You have received 0.309 STEEM from the creator of the bounty and 0.000 STEEM from the community!

Long term bullish indeed..I like your analysis and more success my buddy

Thanks for support..
Have a great weekend..

Congratulations! Your submission earned you 0.220 STEEM from this bounty. You have received 0.220 STEEM from the creator of the bounty and 0.000 STEEM from the community!

lets just hope its not a bull trap yet again quite a fear still persist

Congratulations! Your submission earned you 0.073 STEEM from this bounty. You have received 0.073 STEEM from the creator of the bounty and 0.000 STEEM from the community!

Let's hope the bullish trend will be here for a while :) It's been a tough period for crypto world lately. It's time to recover and be on green again.
Enjoy your week-end!

Congratulations! Your submission earned you 0.073 STEEM from this bounty. You have received 0.073 STEEM from the creator of the bounty and 0.000 STEEM from the community!

Mi acmiracion a tu buen por

Congratulations! Your submission earned you 0.097 STEEM from this bounty. You have received 0.000 STEEM from the creator of the bounty and 0.097 STEEM from the community!

great to share...
the cryptocurrency information...
upvoted

Congratulations! Your submission earned you 0.072 STEEM from this bounty. You have received 0.000 STEEM from the creator of the bounty and 0.072 STEEM from the community!

Your post is golden... i just follow your post.. so kindly follow my post thanks for sharing

A bounty of 0.845 STEEM has been set on this post by @lordoftruth! You can read how they work here.

Awesome heads up for June. I might stock up on Crypto during May then.

In april 6.49K towards 8.64K !!
Its really a great movement of BTC market...Hope that it continuously grow up till end of the year.

Hi lordoftruth,

Good to see Bitcoin finally starting more Bullish and this June I am looking forward to more movement up.

slightly bullish but just like in stocks past performance is no indicator of yada, yada yada.....