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BTC/USD crypto signal - Bitcoin prices have carved a bottom - 16 Apr 2018

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The recent uptick in the price of Bitcoin is slowly bringing the market chatter back whether Bitcoin prices have carved a bottom. While it is too early to tell, analysts and market watchers have been trying to attribute the rebound in Bitcoin prices to a number of factors.

The talk about the selling being attributed to the tax season to many other factors of course does not provide full justification of the bounce in Bitcoin prices. Last week, Bitcoin prices posted strong gains as price managed to close at 7912. This also marked a breakout from the falling trend line established since late 2017.

From a technical perspective, Bitcoin prices are likely to post a pullback to the 7465 level which marks a retest of a previously held resistance level. A rebound off this level will potentially mark a retest of the breached long term falling trend line and could potentially pave the way for further gains in the near term.

To the upside, BTCUSD is likely to test the initial resistance level of 9583 which could keep prices trading within a range in the near term. A breakout above 9583 will of course signal further gains as price action is likely to turn bullish.

We anticipate that further gains in Bitcoin could push prices to test the next main resistance level at 13173 - 12384 region where resistance is most likely expected to push prices lower.

Therefore, based on the above, the cryptocurrency trading signal is to go long on BTCUSD at 7465, targeting 9000 with stops at 6570. There is scope for price action to target the 10,000 round number if the bullish momentum will be able to sustain prices.

cryptocurrency signal btcusd 16 apr 2018

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Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion. All risks and coasts associated with online trading are your responsibility.