Bitcoin (BTC): Daily Price Action (Sun, 08-Apr-2018)

For education purposes only.

Price - Up and holding

Following on from yesterday's price review (here), the BTC price has challenged the $7,000 level and is holding at the month-long descending resistive trendline (thin, red).

The price is currently hugging this trendline, which is indicating some price resilience, in that it wasn't quickly rejected at this area of resistance.

If the price can break this trendline resistance, BTC will be set up for making a relatively clean double bottom pattern (a traditional price reversal pattern).

Trading Bias - Neutral, looking for a long setup

BTC has a fondness of falling wedge price patterns, so the current move and consolidation may just be reinforcing the upper trendline of the falling wedge. In which case we'll have to wait longer (and stomach more downside) for pattern resolution and possible long trade setups.

Let's check tomorrow.

Until then,

Bobby
(Trader).