If Bitcoin (BTC) Turns $11,300 Into Support, Bull Run is Back On

If Bitcoin (BTC) Turns $11,300 Into Support, Bull Run is Back On

9:35am, 4th August, 2019
Bitcoin (BTC) has managed to extend its gains into the weekend. As of the time of writing this report, the cryptocurrency is trading at $10,850, having flirted with prices a tad higher than $11,000 on Saturday. Related Reading: According to a growing number of industry analysts, there is growing evidence to back up the idea that Bitcoin is poised to embark on another leg higher, despite the harrowing cries for a return to $6,000 and even lower. Bitcoin Needs $11,000 Bitcoin has been somewhat on a tear as of late. Over the past seven days, the cryptocurrency has gained around 13%. While the exact catalyst is unclear, it seems that this recent recovery was somewhat triggered by recently-published tweets from Donald Trump about the China trade war. In fact, the latest leg higher coincided with the release of one tweet that also sent gold, Japanese Yen, and Swiss Franc higher. analyst Nick Cote, Bitcoin is nearing the point where it may reenter its “bull run” phase. In fact, he writes that should Bitcoin turn the $11,100 to $11,300 region into support, meaning a strong close maybe on the daily and weekly, a move higher would totally make sense. He writes, “[a] weekly engulfing for the bulls has usually had a follow through the following week”. Simple yet god tier analysis: Bull run is back on above the $11.1 – 11.3k level if turned support. Weekly engulfing for the bulls has usually had a follow through the following week. — Nick Cote (@mBTCPizpie) A close above that level would negate the losses sustained last week, meaning that bulls can resume their foray to the upside. Cote isn’t the only one with this analysis. Trader Cantering Clark noted that “a confluence of key factors and […] order flow” are in favor of buyers, and that he doesn’t expect resistance until the $11,200 region. If you were part of the community you know why you should be well into your long by now. A confluence of key factors and both passive and active order flow very much in the favor of the buy side of the market. I am longing any dips currently until 10.1 breaks — Cantering Clark (@CanteringClark) Also, there have been chartists that have pointed out that the current short-term bottoming process looks like an “Adam and Eve” pattern. For those who are unaware, an “Adam and Eve” is a bottoming process that sees two tests of the same level, one sharp drop and one drawn-out decline. Should the pattern play out, Bitcoin may soon rally from these levels to leave the bottoming process in the dust. Per, BTC saw its one-day Moving Average Convergence Divergence (MACD), an indicator that tracks trends, experience a bullish crossover, printing a green candle on the histogram. Related Reading: As McCann points out in the chart above, the last two times that Bitcoin has seen this signal in this cycle was preceding two three-weeks surges to the upside of 52% and 61%. Should history repeat itself, BTC could surge to around $17,000 by the end of August, riding on the back of bullish momentum. The Bear Argument While there are more and more individuals on Twitter starting to flip bullish once again, it isn’t all sunshine and rainbows, so to speak. Related Reading: Analyst has recently mentioned that now isn’t the time to “panic buy”, referencing his belief that Bitcoin should return more sustainable levels around the $6,000 region. He believes that a move lower is more sustainable for Bitcoin, helps the asset maintain its long-term trend lines, reduces volatility, and ensures better price discovery. Now is not the time to panic buy. Until price shows a decisive break from the previous correction, it's best to wait it out. Notice both time-wise and price-wise, this pattern is still within the parameters of the previous~ — dave the wave (@davthewave) Featured Image from Shutterstock The post appeared first on .
Bitcoin Dominance Closing on 70% as BTC Extends Gains

Bitcoin Dominance Closing on 70% as BTC Extends Gains

10:55am, 3rd August, 2019
Crypto markets are climbing as we start the weekend and once again Bitcoin is leading the charge. BTC has held on to gains in five figures and continues to eat into altcoin markets as dominance approaches 70 percent. Bitcoin Closes on $11k BTC has seen its fourth green candle in as many days as the asset continues to climb, making progress above the psychological $10k barrier. A few hours ago during Asian trading from a low of $10,300 to tap an intraday high of $10,860 marking a 5.4 percent gain on the day. The movement has taken BTC back to its highest level for two weeks. The momentum has left most of the altcoins in the digital dust once again as Bitcoin dominance knocks on the door of 70 percent. This equals the mid-July high and puts market share back at December 2017 levels. a few days ago as Bitcoin goes from strength to strength. BTC market dominance – Tradingview.com Analysts are now eyeing the next resistance levels which are around $11,200 with further upside breaks possibly reaching $11,500. On the downside, support lies at $10,400 and $10,000. Missing Out on Four Figures Since sentiment has turned bullish once again, many are wondering if they have missed out on four figure Bitcoin. The past couple of weeks have been bearish and a return to new lows is still a possibility. Trader and analyst Josh Rager pointed this out earlier. “30%+ pullback was a common theme last uptrend & great opportunity to buy at confirmed support.Everyone still wants $8k… & could happen.But ignoring to buy a 35% pullback on the best performing asset over the past ten years b/c it “may” hit 10% lower” 30%+ pullback was a common theme last uptrend & great opportunity to buy at confirmed support Everyone still wants $8k… & could happen But ignoring to buy a 35% pullback on the best performing asset over the past ten years b/c it "may" hit 10% lower Good luck — Josh Rager (@Josh_Rager) Binance boss Changpeng Zhao echoed the sentiment when he “Slap yourself, if you sold $BTC under $10,000.” Elsewhere on Crypto Markets Bitcoin’s dominance surge has left altcoin markets battered and bruised as most of them are in decline this morning. Ethereum has made a little gain and is back above $220 but there is very little going on in this camp to inspire confidence at the moment. XRP has retreated again and is back at a lowly $0.315 and Litecoin has lost fourth place as LTC dumps to $95. Halving is only two days away but there is no sign of any last minute rush to buy Litecoins. As a result Bitcoin Cash has retaken fourth with a 2 percent gain to $336. Monero is one of two only other major cryptocurrencies making a gain as XMR adds 5 percent. Chainlink it’s the other with a huge fomo pump of 23 percent on the day. Image from Shutterstock The post appeared first on .
Ripple (XRP) Price Poised To Break Higher: BTC, ETH Surging

Ripple (XRP) Price Poised To Break Higher: BTC, ETH Surging

11:20pm, 8th May, 2019
Ripple price formed a decent support near the $0.2915 level and climbed higher against the US dollar. The price broke the $0.2950 resistance and it looks set to gain bullish momentum in the near term. Yesterday’s highlighted bearish trend line is about to give way with resistance near $0.2988 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a strong upward move if it breaks the $0.3000 and $0.3020 resistance levels. Ripple price is slowly recovering higher against the US Dollar, while and gain traction. XRP is likely to accelerate once it clears the key $0.3000 resistance level in the near term. Ripple Price Analysis Yesterday, there was a downside extension in ripple price below the $0.3000 support against the US Dollar. The XRP/USD pair even broke the $0.2950 support level and traded as low as $0.2912. There was a close below the $0.2950 level and the 100 hourly simple moving average. However, the price found support near $0.2910 and $0.2920. Besides, the recent rise in price helped altcoins in staging a decent comeback. XRP price recovered above the $0.2950 resistance, and the 23.6% Fib retracement level of the last slide from the $0.3064 high to $0.2912 low. It even climbed above the $0.2980 level and the 100 hourly SMA. At the moment, yesterday’s highlighted bearish trend line is about to give way with resistance near $0.2988 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the from the $0.3064 high to $0.2912 low is also acting as a resistance. Once there is a proper break above the $0.2988 and $0.3000 resistances, there could be more gains. The next key resistance is at $0.3020, above which the price could retest the $0.3050 resistance. On the other hand, if there is no upside break above $0.3000, the price might drop back towards $0.2950. If the bulls fail to defend the $0.2950 support, there could be a sharp drop back towards the $0.2910 level. Any further losses could accelerate declines below the $0.2900 support level. Looking at the , ripple price is likely to break the trend line and $0.3000 in the near term. The current price action is positive and signaling an upside break above $0.3020. Having said that, there might be a couple of swing moves before the price climbs towards the $0.3050 level. Technical Indicators Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD recently tested the 60 level and it is currently correcting lower. Major Support Levels – $0.2950, $0.2920 and $0.2900. Major Resistance Levels – $0.2988, $0.3000 and $0.3020. The post appeared first on .
Bitcoin (BTC) Up 8.2 Percents as More Americans Hold

Bitcoin (BTC) Up 8.2 Percents as More Americans Hold

2:41pm, 6th May, 2019
Bitcoin (BTC) up 8.2 percent in last week More Americans are owners of Bitcoin A Blockchain Capital survey reveals that Bitcoin awareness, familiarity, and perception has improved, explaining the high Bitcoin (BTC) ownership in the US. At the time of press, Bitcoin (BTC) prices are stable, above $5,500 as buyers aim at $6,000. Bitcoin Price Analysis Fundamentals Blockchain brought decentralization with the community building applications on public ledger securing the network by running full nodes. Bitcoin and Ethereum are the two topmost decentralized, proof-of-work networks dependent on the community for security and transaction confirmation. Even so, Bitcoin’s parameters are not immune to fluctuations. Of the many like centralization and distribution levels, the hash rate can divulge more than just security. At a glance, hash-rate measures sentiment. At the moment, rising prices are drawing efficient miners meaning the view is positive. Because of shifting sentiment, many investors are flocking back to BTC increasing its dominance levels. However, as prices retest critical resistance levels, Bitcoin’s hash rate plunged 22 percent in less than a week to around 42 EH/s. If anything, this is bearish and could be a leading indicator that prices may drop in days ahead. That is despite what a recent poll by Blockchain Capital revealing that 11 percent Americans are Bitcoin holders. The further reveals that “despite the bear market, the data shows that Bitcoin awareness, familiarity, perception, conviction, propensity to purchase and ownership all increased/improved significantly.” Furthermore, the shift in trend “highlights that Bitcoin is a demographic mega-trend led by younger age groups.” Candlestick Arrangement At the time of press, Bitcoin (BTC) is up 8.2 percent in the last week. Despite temporary liquidation, we expect prices to rally in coming weeks thanks to improving fundamentals and general expectations in the market after a year of winter. All the same, it appears that before buyers resume and build on the upswings of early April, participants must first reject lower lows. From candlestick arrangement, there seems to be a correction following the over-valuation of May-4-5 when two bars did close above the upper BB. In that case, it is likely that will retest $5,400 before the resumption of the original trend. Technical Indicators In light of the above, our reference bar is May-3 bull bar—19k versus 10k. It is wide-ranging, thrusting prices towards $6,000 and above Apr-24 highs. For bears to be in control, then any drop below $5,400 must be with high participation levels above 19k. Chart courtesy of Trading View The post appeared first on .
Bitcoin (BTC) Price Could Test $6,500 Before Strong Correction

Bitcoin (BTC) Price Could Test $6,500 Before Strong Correction

4:41am, 5th May, 2019
There were heavy gains in bitcoin price above the $5,500 pivot and resistance level against the US Dollar. The price rallied above the $5,700 and $5,800 resistance before there was a minor downside correction. There is a key connecting bullish trend line in place with support at $5,610 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is currently in a strong uptrend and it could trade towards the main $6,500 resistance level. Bitcoin price gained significantly above the $5,600 level against the US Dollar. BTC is likely to break the $6,000 and $6,250 levels before it could start a substantial downside correction. Bitcoin Price Weekly Analysis (BTC) This past week, there was a in bitcoin price above the $5,380 and $5,400 resistances against the US Dollar. The BTC/USD pair broke the $5,500 pivot and resistance level to move into a bullish zone. The bulls gained traction, resulting in a push above the $5,600 and $5,700 resistance levels. There was a clear break above the 76.4% Fib retracement level of the major drop from the $5,645 high to $4,929 swing low. The price settled well above the $5,600 level and the 100 simple moving average (4-hours). Finally, the price broke the $5,700 level and the last swing high. A new 2019 high was formed near $5,838 before the price started a downside correction. It seems like the price faced a strong resistance near the $5,820-5,840 zone. It represents the 1.236 Fib extension level of the major drop from the $5,645 high to $4,929 swing low. The price corrected below the $5,700 level, but dips remain well supported (). As a result, there was a strong comeback and the price surged back above $5,700 and $5,750. The price is still trading below the last swing high and resistance near $5,820-5,840. A convincing break above the $5,820-5,840 zone is likely to set the pace for more upsides above $6,000. The price could even break the $6,250 level and trade towards the main hurdles at $6,400 and $6,500. It won’t be easy for the bulls to clear the $6,500 level since it is a major pivot zone and previous support area. Therefore, there are high chances of a major downside correction if the price test $6,400 or $6,500. Looking at the , bitcoin price is clearly placed in a strong uptrend above $5,600. There is also a key connecting bullish trend line in place with support at $5,610 on the same chart. Therefore, dips could still be contained and the price could rally above $6,000. Technical indicators 4 hours MACD – The MACD for BTC/USD is about to move back in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is placed well above the 50 and 60 levels. Major Support Level – $5,600 Major Resistance Level – $5,850 The post appeared first on .
Bitcoin (BTC) Price Eyeing Last Line Of Defense: Buy Dips?

Bitcoin (BTC) Price Eyeing Last Line Of Defense: Buy Dips?

2:43am, 28th April, 2019
There was a strong decline in bitcoin price below the $5,280 support level against the US Dollar. The price even spiked below the $5,000 support level and it is currently consolidating above $5,100. There is a major bullish trend line in place with support at $5,080 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair could bounce back as long as there is no weekly close below the $5,000 support level. Bitcoin price started consolidating losses after a strong decline against the US Dollar. BTC is likely to recover above $5,200 and $5,280 in the near term unless the $5,000 gives way. Bitcoin Price Weekly Analysis (BTC) This past week, there was a in bitcoin price near the $5,660 level against the US Dollar. The BTC/USD pair started a strong downward move below $5,400 after tether’s drama. The price tumbled below the key $5,280 and $5,200 support levels. There was even a spike below $5,000, plus a close below the 100 simple moving average (4-hours). A swing low was formed near the $4,910 level and recently the price recovered above $5,000 and $5,050. At the moment, the price is testing the 50% Fib retracement level of the last drop from the $5,510 swing high to $4,910 swing low. However, the $5,220 area and the 100 simple moving average (4-hours) are acting as hurdles. Above $5,220, there is a major resistance near $5,280 and a connecting bearish trend line. The 61.8% Fib retracement level of the last drop from the $5,510 swing high to $4,910 swing low is also near the $5,280 level. A successful close above the $5,280 level might trigger a decent recovery in the near term. On the downside, there is a major bullish trend line in place with support at $5,080 on the 4-hours chart of the BTC/USD pair. The trend line support near $5,080 is very important, below which the price could test $5,000. If there is a daily close below $5,000, the price is likely to . In the mentioned case, the price will most likely test $4,800 or $4,750. Looking at the , bitcoin price faced a strong selling interest below $5,400. However, it managed to stay above the $5,000 support. Therefore, there are chances of a recovery above the $5,280 resistance levels. If there is a close above $5,280, there are chances of move towards $5,400 or even $5,500. Technical indicators 4 hours MACD – The MACD for BTC/USD is slowly moving into the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is back above the 40 level, with a few positive signs. Major Support Level – $5,050 Major Resistance Level – $5,280 The post appeared first on .
Bitcoin (BTC) Price Tumbles: Is This Trend Change or Correction?

Bitcoin (BTC) Price Tumbles: Is This Trend Change or Correction?

5:24am, 26th April, 2019
Bitcoin price declined sharply after it broke the key $5,400 and $5,380 supports against the US Dollar. The price even broke the $5,000 support level and tested the $4,900 support area. There was a break below a major bullish trend line with support at $5,410 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must climb back above $5,400 to avoid a fresh drop towards the $5,000 support area. Bitcoin price declined heavily below $5,400 and $5,250 against the US Dollar. BTC is currently correcting higher, but it is likely to face a strong selling interest near $5,250 and $5,380. Bitcoin Price Analysis The past two sessions were eventful since there were heavy moves in bitcoin price below $5,400 against the US Dollar. After consolidating for a few hours above , the BTC/USD pair started a strong decline. There were two nasty red candles formed and the price broke the $5,250 and $5,120 support levels. The decline started after there was a break below a major bullish trend line with support at $5,410 on the hourly chart. The pair settled below the $5,250 level and the 100 hourly simple moving average. Sellers took control and pushed the price below the $5,000 support as well. A new weekly swing low as formed at $4,909 and the price is currently correcting higher. It already moved above the 50% Fib retracement level of the recent decline from the $5,513 high to $4,909 swing low. However, the $5,280 level acted as a . Besides, the 61.8% Fib retracement level of the recent decline from the $5,513 high to $4,909 swing low also stopped gains. At the moment, the price is consolidating near $5,180, with hurdles near $5,250, $5,280 and $5,300. Above $5,300, the main resistance is near the $5,380 level (the previous support). To start a strong upward move, the price must climb back above $5,400a and the 100 hourly simple moving average. If bitcoin continues to struggle near the $5,300 and $5,380 levels, it could resume its decline. Looking at the , bitcoin price clearly moved into a bearish zone below $5,380 and the 100 hourly simple moving average. It could correct in the short term, but sellers are likely to defend the $5,380-5,400 zone. On the downside, the price could revisit the $5,000 support area if it breaks the $5,120 support. Technical indicators: Hourly MACD – The MACD is slowly reducing its bearish slope, with no positive sign. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD recovered from the 20 level and it is currently near 30. Major Support Levels – $5,120 followed by $5,000. Major Resistance Levels – $5,250, $5,380 and $5,400. The post appeared first on .
Bitcoin (BTC) Price Correction Approaching Significant Support

Bitcoin (BTC) Price Correction Approaching Significant Support

6:44am, 25th April, 2019
Bitcoin price corrected lower recently and traded below $5,500 and $5,480 against the US Dollar. The price traded close to the $5,370 level and it is currently trading with a bearish bias. There is a key bullish trend line formed with support at $5,405 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses towards the $5,340 support before it could bounce back. Bitcoin price started a major downside correction below $5,450 against the US Dollar. BTC may test the key $5,340-5,350 support zone before it could start a fresh increase. Bitcoin Price Analysis After a , bitcoin price started a downside correction from the $5,640 swing high against the US Dollar. The BTC/USD pair traded below the $5,600 and $5,520 levels to move into a short term bearish zone. The pair even broke the $5,480 support and settled below the key $5,450 support level. Recently, there was a break below the 50% Fib retracement level of the last wave from the $5,199 low to $5,644 high. The price spiked below the $5,400 support and traded close to the $5,370 level. Besides, the price traded close to the 61.8% Fib retracement level of the last wave from the $5,199 low to $5,644 high. At the moment, the price is consolidating above the $5,400 level and the 100 hourly simple moving average. There is also a key bullish trend line formed with support at $5,405 on the hourly chart of the BTC/USD pair. Clearly, the price is trading near a at $5,400. If there is a downside break below $5,400 and the 100 hourly SMA, the price could extend losses. The next key support area is near $5,350-5,340 (the previous major resistance). The bulls are likely to defend the $5,340 support area in the near term. On the upside, the price must break the $5,450 resistance to start a decent rebound. However, the main resistance is at $5,500, above which the price could move back towards the $5,640 level. Looking at the , bitcoin price seems to be extending its decline towards the $5,350 level. However, it won’t be easy for sellers to clear the $5,340-5,350 support area. Once the current correction is complete, the price is likely to bounce back in the near term. Further below $5,340, the price might move into a bearish zone towards the $5,000 handle. Technical indicators: Hourly MACD – The MACD is struggling to gain pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level and it could slide towards 35 or 30. Major Support Levels – $5,400 followed by $5,340. Major Resistance Levels – $5,450, $5,500 and $5,540. The post appeared first on .
Bitcoin (BTC) Price Hesitates But More Upsides Seem Likely

Bitcoin (BTC) Price Hesitates But More Upsides Seem Likely

12:45am, 21st April, 2019
There was a slow and steady rise in bitcoin after it tested the $4,920 area against the US Dollar. The price climbed higher steadily and broke the $5,200 resistance area to move into a positive zone. There is a key ascending channel in place with support at $5,270 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair could dip in the short term, but buyers are likely to buy heavily near $5,270 or $5,250. Bitcoin price is showing positive signs above the $5,200 pivot level against the US Dollar. BTC could accelerate higher once it clears the $5,400 resistance area in the near term. Bitcoin Price Weekly Analysis (BTC) This past week, there was a downside extension below the $5,000 level in bitcoin price against the US Dollar. The BTC/USD pair traded below the $4,950 level before buyers took a stand above the $4,920 level. A swing low was formed at $4,922 and later the price started consolidating in a range. Finally, there was a above the $5,160 resistance and the 100 simple moving average (4-hours). The price broke the $5,200 level and the 50% Fib retracement level of the last slide from the $5,462 high to $4,922 low. The recent upward move was positive since there was a close above the $5,200 and $5,250 levels. However, the price seems to be struggling near the $5,350 resistance. There was also no close above the 76.4% Fib retracement level of the last slide from the $5,462 high to $4,922 low. A successful close above the $5,350 level may perhaps above the $5,400 and $5,450 levels. A break above the last high near $5,462 could trigger a strong upward move towards $5,600 or $5,800. On the downside, there is a decent support formed above $5,270. There is also a key ascending channel in place with support at $5,270 on the 4-hours chart of the BTC/USD pair. If there is a break below the channel support at $5,270, the price could test the $5,160 support level and the 100 simple moving average (4-hours). Looking at the , bitcoin price is trading nicely above key supports near $5,200. If there is a short term downside correction, buyers are likely to protect $5,270 or $5,200. Only a daily close below $5,160 could put buyers on the back foot. The next key support is at $5,040, followed by the $4,922 swing low. Technical indicators 4 hours MACD – The MACD for BTC/USD is slightly placed in a bearish zone. 4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is slowly moving lower towards the 50 level. Major Support Level – $5,160 Major Resistance Level – $5,400 The post appeared first on .
Whales, Moon-sling Calls, But Will Bitcoin (BTC) Clear $5,500?

Whales, Moon-sling Calls, But Will Bitcoin (BTC) Clear $5,500?

2:46pm, 19th April, 2019
Bitcoin prices up 4.6 percent in the last week Bullish projection cement our assertion of shifting sentiment from bearish to bullish At spot rates, the crypto market is far from the $880 billion valuation of late Dec 2017. Even so, as Bitcoin (BTC) prices recover, bottoming up and closing above $5,000, odds are the next wave would thrust BTC above $6,000 as our trade conditions become valid. Bitcoin Price Analysis Fundamentals That there is a movie dedicated to crypto shows how the public is aware of Bitcoin and other leading coins. The truth is that this new-age investment is worth it. Institutions are shifting their stand from conservative and angling at clipping part of this burgeoning market. Concurrently, regulators are drafting laws supportive of blockchain applications while at the same time protecting investors. Their decision is bullish. After 2017 parabolic rise where investors from all over the world channeled their hard-earned monies to projects that are emerging to be frauds only to be followed by a cold winter that wiped out more than $600 billion in the space draining investors’ will to participate further fuelling the sell-off, the cautious stand adopted by these practical regulators was necessary. Presently, the market is recovering, and as prices range above $5,000, analysts expect this state of affairs to continue for sometimes. Luckily, their projections are positive, waiting for a stronger break and close above $6,000 as prices rally towards $8,000 the longer the range mode. Josh Rager, a popular cryptocurrency analyst on Twitter, had this to say: “The longer $BTC ranges between $5,000 to $5,200, the stronger support it becomes after the next push up. Though this equally becomes a stronger resistance if a breakdown occurs. IMO, Bitcoin likely stays in the price range of this chart for weeks to come.” Candlestick Arrangements Price wise, Bitcoin (BTC) is up 4.6 percent. However, it is poised to add more in days ahead now that prices are trending above $5,000 thanks to events of early April. In line with our last , buyers are in control, but once there is a conclusive reversal of Apr-11 bears confirming buyers of Apr-2, then traders should align their position in expectation of the next wave that would lift prices above $5,500 towards $6,000 as reiterated before. Note that the momentum is high and as prices reverse from the 38.2 percent Fibonacci retracement mark anchored on the break and close above $4,500 from Apr-2 through to Apr-10. The only move that nullifies this course are losses below $5,000, with high volumes exceeding those of Apr-11. Technical Indicators Our anchor bar is Apr-11, and it has high volumes of 19k. Recent averages stand at 9k, but if prices close above $5,500 with equally high volumes above Apr-10 highs, then conservative traders can initiate longs with targets at $6,000. Chart courtesy of Trading View. The post appeared first on .