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Bitcoin (BTC) Price Nears Bear Trend Breakout

Bitcoin (BTC) Price Nears Bear Trend Breakout

2018-04-09 09:32:00
Nick Cawley, Strategist
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Bitcoin News and Talking Points

- Bitcoin back above $7,000 on a lack of any negative news flow.

- A break and close above the December down channel may support the coin in the short-term.

IG Client Sentiment show that 72.2% of traders are net-long of Bitcoin and recent changes in client holdings have given BTC a short-term bullish hue. Download our free guide to see what this data means and how traders can use this information for potential trade set-ups.

Bitcoin Pushing Back Above $7,000

A lack of negatives has given Bitcoin a positive push, with BTC trading 7%-8% higher than its low print late Friday. No real good or bad news out over the weekend has allowed buyers to get the upper hand in early European trade with the down channel from the December 17 high print the first target. Investors were buoyed late Friday by reports that billionaire hedge fund manager George Soros is planning to invest in cryptocurrencies. In January Soros called cryptos a ‘bubble’ but it seems that his stance has changed with news that the manager of his New York based fund management company received internal approval to trade cryptos in the last few months.

The latest Bitcoin chart currently shows 4 lower highs in a row - a mildly bullish set-up – while the 78.6% Fibonacci retracement level at $6,933 provided little resistance over the weekend. The token is now trading on the down channel from the December 17 peak around $7,100, a trend line that has capped any recent bullish momentum, while the stochastic indicator is also pointing higher.

We discuss a range of cryptocurrency charts and price set-ups at our Weekly Cryptocurrency Webinar every (Wednesday) at 12:00.

Bitcoin (BTC) Price Chart in US Dollars (August 6, 2017 – April 9, 2018)

Bitcoin (BTC) Price Nears Bear Trend Breakout

Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin, Bitcoin Cash or Ethereum we can offer you a wide range of free resources to help you. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account. In addition we run a Weekly Bitcoin Webinar and have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.

What’s your opinion on Bitcoin – bullish or bearish?

Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley, Analyst.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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