Technical Analysis; BTC April 13
- The crypto world has seen one hell of a rally today that came with a bang nor a knock! We've seen Bitcoin surge past $8,000 on April 12 for the first time in my yearn for profits, rising over 13%-15% within just one hour.
- With near to no news acting as a catalyst for the drastic run, I believe it is all technical and those who missed the boat really did miss the boat. This greater +13% has been the greatest intraday gain for Bitcoin in almost 2 months and that's according to CoinMarketCap's data.
- Some of the common news surrounding BTC currently is the investments of major firms like the Soros's Fund and the Rockefeller-backed VC that may have brought about the swing on BTC and its peers. The menacing completion of the tax season may also have been a contributor to the start of our good time.
- Despite that steep gain, BTC is not yet half of its highs of $19.5K of Dec 2017 but that doesn't seem as a hurdle at the current prices. We've also got major people like Spencer Bogart who is a partner of a BlockChain Capital boost the buyers by stating that, "Bitcoin is in the safest place out of all the other cryptocurrencies out there."
- Pantera Capital Management also made a very technical comment that $6,500 was the lowest for BTC and that it would stay above that price for the majority of 2019. In addition to that, they also predicted BTC surpassing the $20,000 previous record.
Now lets get down to art...
- BTC has gained back its traction from its low levels however, its down 42% since the beginning of 2018.
- IMO, BTC's price is setting on the next potential resistance near the $9,000 mark as bulls are back in action.
- The 200 MA is still above the 100MA and this means that the sell off could still resume if the price failed to break the 200 SMA (4-hour) dynamic inflection point with my P.T at $7,300 on the downside.
- On the 60 minute chart, there is a bullish flag that formed and I initiated my half position buy at $7,810 with a firm Stop Loss at $7,500. My Selling and Target price for this trade is at $9,150. For those that would like a trade with a much lesser risk could buy at $8,350.
- This bull flag chart pattern occurred after an uptrend out of a previous price base ·I believe that this pattern is just a consolidation of the uptrend.
- The signal of the end of the flag pattern and the beginning of a new potential up trend is when the descending upper trend line is broken with a move upwards in price. And thus the reason as to why I asked you to choose buying between $8,000-$ 8.35K.
This is not an investment recommendation nor to be representative of professional expertise, but to be used as a forum for opening discussions around trading. All examples and analysis used herein are for illustration purposes only, and of the personal opinions of Cultrix. All examples and analysis are intended for these purposes and should not be considered as specific investment advice. The RISK of loss in trading cryptocurrencies can be SUBSTANTIAL.