BITCOIN FORECAST, BTC PRICE ACTION - 07 APRIL 2019 - END OF WEEK

07 APRIL 2019 | Darcy K. Butcher, MA, Journalist | Pacific Rim International

BITCOIN FORECAST

Bitcoin is forming an ascending triangle which is bullish. Many are going with the market sentiment which is Bullish. Some are in a no trade zone waiting to see if Bears will surrender and by buying in will push Bitcoin to just under $5700 and with volume to $6,000 USD range. Accumulation is occurring and key retest areas are being bought up for now. Resistance lines do get back tested. These last 50 days displays that #BTC has the dynamics of an impulsive wave three. This area could range 2-3 weeks with downside to $4475 and last elliot wave up to complete the five. Without volume this third wave could fail and send Bitcoin back down to a double bottom. The monthly does not have a higher high, is sitting at resistance and is still below the 21 MA. Bitcoin could go sideways for awhile as a lot of work needs to be done with sustained volume.

Bitcoin has hit current support at the 786, retested to 55 then closed above the 382. It wicked up to the 236 and is working to get above it ($5350).

Short Term Bitcoin

$5127.50 - $4800
Bullish pop to $5950 possible
Bearish dump to $4100 - $4200

KEY POINTS

$5300 is the 100 MA on 3-Day
$5200 is the weekly Gauss
$4565 is Daily 200 MA
Break the 200 MA and $4100-4200 range possible
Over all trend holds Bullish
2-day Stoch looking tired
3-day closed above 89 and signals another test up to the 200
Any stall out and hesitation cause of caution for many
Trend line from December 2017 is being taken on first time in over a year
$5150 hold is stronger confirmation

BULLISH SET UP

Upper range is still another 10%
Day 50 of OBV positive oscillator
It is still cranking, going strong
Money is flowing in still
Middle Bollinger Band on the weekly is expanding ($3919 acts as support here)
Perfected TD9 on the weekly, the 3-day and close on the daily
Normally when hitting high in bigger time frames a 3-4 candle consolidation occurs
Bitcoin closed the week out very strong making the case for higher highs possible
BTC has broken all major resistance areas
TDI is above upper Bollinger Band (this is unprecedented bullish)
This can be interpretted as overbought
$5800 -7400
$8488 with major volume

BEARISH SET UP

$4500 is expected as back test range
Bitcoin faces major resistance
BTC has yet to Bullishly cross on highest time frame
Play out is another 2-3 weeks
$5270 - $5350 strong resistance
Bulls must maintain above $5,000 USD
40 points gained on RSI, a Swift Pull-Back could occur
Possible Head and Shoulders setting up
Need to build more stability before volume builds fully
A move above $6,000 and holds is not good for the Bears
Volume is not spectacular after this first impulse move up 01 April 2019
$3130 - 3340 and $4189-4200 Bear Bottom Range

CURRENT CME GAPS

$5060
$4850

CNBC

Is calling for a crash
Traders often counter trade their calls

KEY AREAS (Check Your Specific Exchange)

$6400.00
$6130.00
$5918.24
$5682.46
$5347.47 Current Resistance
$5250.00
$4465.18 to $4590.98 Key Support
$4475 Bulls need to hold
$4136.36
$3545.85
$3545.85

FEAR AND GREED INDEX

Some Altcoins have running room. XRP, lower time frames, seems the most Bearish.

Tip Wallet - Contribute to Darcy's work here:

RVN: RSoGtGuYYwNL8L7hYZEZNU6gHi92AQ6bWB
BTC: 17ensjJ2gaKfNfaZhzU7cEtJmV1Govtqq
LTC: LPKiZK65DFCoVQu7RAAizK1cCj4C9qcAHg
BNB: 0x2a19200dec8b815035960ad703e03a3f7796bbfd

Darcy K. Butcher, MA. BA Print & Photo Journalism
Writer, Print and Photo Journalist, Blockchain Educator
I am interested in cryptocurrency as a social, cultural, financial point of view.

For educational purposes only. This is not financial advice. DYOR
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