Bitcoin Trend Series / EP. 564 / Keep an Eye on Pivot 7.5K / Steem Bounty Reward
Time: 8.30 A.M. / GM+2 / 16 Apr 2018 – Mon.
We SLD at 8.45K what we BGT at 6.49K ( XAPO ) yesterday, because we do not think the price can clear the monster resistance 8.64K before a pull back towards the pivot zone.
- Investors who sold during the slump before the tax day would not likely have raised enough to cover their tax liability.
"Imagine an individual who purchased 1.5 bitcoins in January of 2017 for $1,200 a bitcoin. If that individual sold one bitcoin in December of 2017 they could have realized a gain of ~$18,000. This short term gain is taxed as ordinary income in the U.S. Assuming a tax rate of ~30%, the tax liability would be about $5,400. The remaining 0.5 bitcoin is not enough to pay the $5,400 tax liability."Perry Woodin, Chief Strategy Officer at HashChain Technology said.
In our previous post / 563 / we had forecast the trading range will be between 7.38K and 8.26K. The intraday high was 8.45K and the low was 7.99K.
Bitcoin price is trading in bullish zone above the pivot level at 7.5K:
The price try to move higher supported by MACD to clear the monster resistance 8.64K to test the last swing high near 9.12K ( 50% Fib Ext ).
According to Bollinger Bands, the upper limit was exceeded. Technically this mean a pull back towards 7.5K area might be on the cards ( The price can trade outside the BB's 5 days max if the momentum is strong enough ).
According to MACD ( upmove ) and Bollinger Bands ( down move ) a pull back to the pivot at 7.5K area is expected before the continutaion of the bull run.
The trend is slighty bullish as long as we are above 7.38K, while it seems as though 6.49K is going to hold in the long run for the majority of 2018.
Support 1: 7670.000 level.
Resistance1 : 8640.000 level.
Support 2: 7380.000 level.
Resistance2 : 9122.000 level.
Expected trading for today:
is between 7500.00 and 8700.00.
Expected trend for today :
Slighty Bullish.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5947.00.
The high of 2018 (BitcoinTrader's Year):
14000.00 level / Expected.
The high of 2019 (Bitcoin Holder's Year):
??? The new all time high is expected.
/ Project by @knircky & @famunger /
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@lordoftruth nice analysis. Today is a good day to stay out of the markets. No clear opportunity with good risk/reward for me. Upvoted and followed :)
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I agree with your analysis. It looks like we will be making a few gains now that tax season is upon us and much of the FUD is behind us for now. today it hovered around that 7.5k range
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Bitcoin is rising high again
This post has received a 8.99 % upvote from @booster thanks to: @lordoftruth.
Huge swing in place today in the market seems like a bit on downward channel but a pump up will be great thanks for sharing your trend analysis
Nice analysis Sir .. Waiting for the bull run after the tax day :-D
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The market has been crazy for some time now and any strong upward movement will be our happiness. I have been trading on low % for some time now, gladly as the market moved and much is gained.