Bitcoin Trend Series / EP. 562 / Swingy Move Before The Next Surge / Steem Bounty Reward

Time: 8.22 A.M. / GM+2 / 14 Apr 2018 – Sat.

So the jump was done due to the bullish reversal on March 30 as our forecast on / 556 / when we wrote:

The swing between 6.49K and 7.12K will take end and the trend will become bullish around 12-15 April as I am expecting a pretty upside move.

The question now is what after the jumb?!

Market Factors

Supporting the upside move at this moment are:

• The current geopolitical tensions between the United States and Russia amid a potential military intervention in Syria, because the fear drives investors away from higher-yielding assets as they flock towards safer assets, such as gold and crypto as US President Donald Trump has ordered precision strikes targeting Syrian President Bashar al-Assad's chemical weapons capabilities, in conjunction with and Russia claims chemical attack in Syria was "staged and directed by UK".

• The expected selling pressure due to U.S tax payment deadlines seems to have abated.

• The ratio of short trades versus longs in Bitcoin have been at extreme levels and, as buying increased, the shorts got liquidated, causing a squeeze.

• Sowa Labs, a subsidiary of Germany’s second largest stock exchange Börse Stuttgart, will release a cryptocurrency trading app ( Bison ) later this year, according to the app’s website.

Cartoon Source

Technical

• In our previous post / 561 / we had forecast the trading range will be between 7.38K and 8.26K. The intraday high was 8.24K and the low was 7.76K.

And as our prediction in last post:

"A swingy pattern might be formed soon between 7.38K and 8.26K but bitcoin could resume trading on fundamentals.."

We still believe, a ping pong move between 7.38K and 8.26K will start soon.

• Bitcoin price hasn't seen more than 5 green daily candles in a row since the reversal, while it seems as though 6.49K is going to hold in the long run, would it be smarter to wait for a pull back from here to around 7.3K region before taking long positions.

• Keep an eye on the momentum indicator. It's in the process of forming a higher swing high as we'd need to see a series of higher price-swing highs and lows to can see another surge higher.

Sentiment

The trend is bullish as long as we are above 7.38K but a swingy move most likely start and the price might move towards 6.95K - 7.38K area by Monday before the next surge towards our next target located at 8.643K.

Support 1: 7380.00 level.
Resistance1 : 8260.00 level.

Support 2: 6950.00 level.
Resistance2 : 8643.00 level.

Expected trading for today:
is between 7380.00 and 8260.00.

Expected trend for today :
Bullish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
5947.00.

The high of 2018 (BitcoinTrader's Year):
14000.00 level / Expected.

The high of 2019 (Bitcoin Holder's Year):
??? The new all time high is expected.

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