link3266 link3267 link3268 link3269 link3270 link3271 link3272 link3273 link3274 link3275 link3276 link3277 link3278 link3279 link3280 link3281 link3282 link3283 link3284 link3285 link3286 link3287 link3288 link3289 link3290 link3291 link3292 link3293 link3294 link3295 link3296 link3297 link3298 link3299 link3300 link3301 link3302 link3303 link3304 link3305 link3306 link3307 link3308 link3309 link3310 link3311 link3312 link3313 link3314 link3315 link3316 link3317 link3318 link3319 link3320 link3321 link3322 link3323 link3324 link3325 link3326 link3327 link3328 link3329 link3330 link3331 link3332 link3333 link3334 link3335 link3336 link3337 link3338 link3339 link3340 link3341 link3342 link3343 link3344 link3345 link3346 link3347 link3348 link3349 link3350 link3351 link3352 link3353 link3354 link3355 link3356 link3357 link3358 link3359 link3360 link3361 link3362 link3363 link3364 link3365 link3366 link3367 link3368 link3369 link3370 link3371 link3372 link3373 link3374 link3375 link3376 link3377 link3378 link3379 link3380 link3381 link3382 link3383 link3384 link3385 link3386 link3387 link3388 link3389 link3390 link3391 link3392 link3393 link3394 link3395 link3396 link3397 link3398 link3399 link3400 link3401 link3402 link3403 link3404 link3405 link3406 link3407

Bitcoin Price Technical Analysis for 11th April – Can Bulls Keep This Up

Bitcoin Price Technical Analysis for 11th April – Can Bulls Keep This Up

Bitcoin Price Technical Analysis for 11th April — Can Bulls Keep This Up?

Bitcoin Price Key Highlights

  • Bitcoin price has formed lower highs and higher lows to consolidate inside a triangle on its 1-hour chart.

  • Price found support at the bottom of its symmetrical triangle once more and looks ready for a test of the top.

  • Technical indicators mostly seem to be hinting at more gains ahead.

  • Bitcoin price bounced off the triangle bottom and could be gearing up for a test or break of the resistance.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. However, the gap between the moving averages is narrowing to signal weakening bearish pressure and a potential return in buying momentum.

Stochastic is already on its way down to signal that bears are regaining control. In that case, another test of support could be due, especially since the 100 SMA is holding as dynamic resistance so far.

RSI, on the other hand, is moving higher to reflect the presence of bullish pressure. This could be enough to lead to a test of resistance near $7000 or perhaps even a break higher. Note that the triangle spans $6300 to $7800 so the resulting rally could be of the same height. Similarly, a break lower could lead to a drop of the same height.


Market Factors

The recent drop in bitcoin price is being pinned on the looming tax deadline, as the rush to close out positions led to a flurry of profit-taking. However, the sentiment in the industry remains mostly positive as the ban in India and Pakistan has been overshadowed by headlines of big hedge funds investing in the space.

Looking ahead, dollar demand could still play a role in bitcoin price direction as easing trade tensions between the US and China are starting to spur demand for riskier assets like cryptocurrencies. However, strong PPI has renewed focus on fundamentals leading up to the release of CPI and FOMC minutes later today.


Author SARAH JENN | APRIL 11, 2018 | 3:50 AM


Posted by David Ogden Entrepreneur

Alan Zibluk Markethive Founding Member