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BTC/USD crypto signal - 9400 support/resistance level - 30 Apr 2018

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BTC/USD crypto trading 30 Apr 2018
Average: 5 (6 votes)

Bitcoin is moving in a range

Last week, I basically identified the Bitcoin range between the 8800 and 9600 levels by suggesting a double top formation. The second top was formed with prices reaching 9565. We still need to see whether the bears are strong enough to push the prices lower, but the current price action is pointing south.

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9400 is a key level - break or bounce

Currently, Bitcoin is trading below 9400, which is a key support/resistance level. We need to follow whether price will break it or bounce off it. Following my initial idea for a double top formation, I would sell Bitcoin at 9300, targeting 8800 with stops at 9500. The bulls will try to push it over 9400, but if they fail, we are most likely going to witness the next shorting.

Looking at the bigger picture, some Altcoins have been pumped and dumped already. If you check Coinmarketcap now, most of the major Altcoins, such as EOS, NEO and Stellar, are also losing value; only the Ethereum is in the green. The market is showing some signs of weakness, but with some traders still looking towards the moon, it will be difficult to build a proper strategy for the week. I would be looking for a drop towards 8800.

Hopefully, you find my analysis helpful. Happy trading!

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