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BTC/USD bulls surging higher, bears lose control


April 18, 2018 ( Newswire) After the strong bearish rally in the BTC/USD pair, the bulls have finally managed to regain their control near the critical support level at 6626.3. Though the pair tested the critical support level for two consecutive times, the bears ran out steam which gives the BTC/USD bulls fresh buying momentum. Most of the professional price action traders have already gone long near the critical support level at 6626.3 after the formation of the bullish morning star pattern in the daily chart. Currently, the pair is slowly heading towards the nearest resistance level at 9007.2 marks. From that level, we might see some ranging movement in this pair.

BTC/USD daily chart analysis

Figure: BTC/USD bulls surging higher after hitting a major support level

From the above figure, you can clearly see that the bulls are trying to take control of the market after it hit the major support level at 6626.3.Currently, the bulls need to clear the daily resistance level at 9007.2 marks to confirm the end of a medium-term bearish rally in the BTC/USD pair. A daily closing of the price above the major resistance level at 9007.2 will confirm the potential bottom formation at the low 6th April 2018.If the bulls manage to clear out the resistance level at 9007.2, the overall bias for this pair will turn bullish. This will eventually lead this pair towards the next major resistance level at 11491.7.But executing long orders after the break of 9007.2 marks will be an immature act since we might see some bearish correction of the decent bullish rally. Traders are advised to look for bullish price action signal in their online trading platform near the 9007.2 market to execute fresh long orders.

Key levels of the market

The massive resistance near the 11491.7 mark is going to provide an extreme level of selling pressure to the BTC/USD pairs. The long-term trend traders will be looking for bearish price action confirmation signal to execute short orders at that level. If the bears manage to take control of the market from that level, we will see a decent drop in the price which eventually lead this pair towards the 90007.2 market. However, a clear break of the critical resistance level at 11491.7 will confirm the end of the long-term bearish rally in the BTC/USD pair. A daily closing of the price above the critical resistance level at 11491.7 will ultimately lead this pair towards the next major resistance level at 17150.7.This level might provide temporary selling pressure but if this pair manages to surge up to this level, we might see another retest of the high of 17th December 2017.

Most of the professional cryptocurrency traders will be eyeing on the key resistance level at 19870.7 since a valid break of that level will refuel the BTC/USD bulls for another bullish rally. However, the long-term investors are advised to trade that level with the extreme level of caution since we might see some false break. On the weekly chart, BTC/USD has just bounced from a critical support level and the current market movement strongly suggest bulls are in full control. Moreover, the recent performance of the U.S economy is not up to the market which clearly gives added advantage to the Bitcoins bulls. However, if the FED officials manage to come up with solid rate hike policy we might see another retest of the major support level at 6626.3.On the contrary, an imminent delay in the FED rate hike will result in a strong bullish rally in the BTC/USD pair. Considering the technical and fundamental parameters, it seems like the pair has completed bearish correct and now getting ready for another bullish rally to create a new high in the market.

Author - Dwayne Buzzell- An economist, Forex trader and Forex writer, I have a keen eye for spotting international trading trends, particularly since shadowing my mother's work over the past 20 years with one of the largest fashion groups.


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