Thursday, 19 April 2018

Bitcoin market preparing to exit from the consolidation, but in what direction?

Posted by FortFS at 16:10 Labels: Crypto

The main crypto currency market has not undergone significant changes in the last 24 hours. The main crypto currency is still at the crossroads after recent growth from the local bottom zone at around $ 6,550, when the price reached $ 8,400 and then pulled back to the round mark of $ 8,000.

Today on Thursday bitcoin is trading in a very narrow range around $ 8,165, but the quotes manage to stay above the level of the 100th moving average (MA), which currently runs at 8,040 US dollars.

Over the past few days, the price movement shows that the bulls managed to gain a foothold above the round and significant $ 8,000 mark, which underlines the strong market sentiment for the continuation of the uptrend. Thus, it can be said that the short-term market sentiment remains bullish. Nevertheless, only a convincing consolidation above $ 8,460 means a return to the bull market. The fact is that in this zone Fibo expansion 38.2% is located.

It should be noted that bitcoin failed to take this key level on April 16, and rolled back to the support zone $ 7 700- $ 8 000. This is only a temporary respite for the market and this situation cannot last long-or the bulls will continue the offensive, or bears will seize the initiative and send the price lower.

Most likely bitcoin will test a local maximum in the region of $ 8,400 in the coming hours or sessions. The close of above this level ($ 8,400 is the level of 38.2% of FIBO) will signal a long-term change in the bearish trend to the bullish sentiment.

On the other hand, the $ 7,870 is a level to check as well. The inability of bulls to protect a key support level can lead to a decline to $ 7,510 and a resumption