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Bitcoin Chart Analysis: Bulls to Return as Prices Edge Higher

Bitcoin Chart Analysis: Bulls to Return as Prices Edge Higher

2018-04-18 08:00:00
Nick Cawley, Strategist

Bitcoin News and Talking Points

- Support level sets up token for further gains.

- A break and close above $9,400 may encourage more buyers back into the space.

IG Client Sentimentshows retail are 71.6% long Bitcoin, but recent positional changes may herald higher prices.

Bitcoin (BTC) Likely to Move Higher in The Short-Term

After hitting a recent low of $6,420 at the start of April, the largest cryptocurrency has moved higher over the month and currently trades around $8,150. The bear phase from the start of the year has shaken a lot of loose longs out of the market with the number of unique bitcoin addresses nearly halving in the last four months.

Bitcoin Chart Analysis: Bulls to Return as Prices Edge Higher

While traders may still be predominantly long, support may be seen on the charts around the recent low at $6,420, at the same level as the crossover with the downtrend line from mid-December. This level should now hold in the short-term - a small reverse head and shoulders pattern formed between March 29 and April 12 confirms an upward bias – leaving BTC to make a run for the next resistance level at $9,385, the 61.8% retracement of the September – December 2017 rally. An upward trend line from the February 6 low at $8,440 is the first obstacle to the Fibonacci target.

We will be discussing a range of cryptocurrency charts and price set-ups at our Weekly Cryptocurrency Webinar today at 12:00pm.

Bitcoin (BTC) Price Chart in US Dollars(August 10, 2017 – April 18, 2018)

Bitcoin Chart Analysis: Bulls to Return as Prices Edge Higher

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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