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article imageOp-Ed: Bitcoin gaining today so far but below $7,000

By Ken Hanly     Apr 11, 2018 in Technology
While a couple of days ago bitcoin looked to be solidly above the $7,000 mark it did not last and drifted back down below the barrier reaching a low of $6,611 on Monday night.
The present situation
At 15:47 UTC on Wednesday April 11th the price of bitcoin was about 6,932 and the trend has been positive. The price opening was $6,830.90 and it is up about 1.48 percent on the day. The price is getting closer to the $7,000 barrier again. It remains to be seen if it can breach it and hold on above the mark until the close in another eight hours or so.
Coindesk analysis for April 10.
A coindesk analysis with accompanying charts on April 10, but updated the next day, claims: "Bitcoin's (BTC) bulls and bears seem to be stuck in a stalemate, but a decisive session in either direction would likely define the trend going forward." While the trend is positive today, there is still no decisive move upward it would seem.
The analysis notes that the price had reached $7,100 on Monday, perhaps due to rumors that such investors as Soros and Rockefeller might enter the market. However, subsequently there appears to have been a liquidation that pushed the price to a low of $6,611 overnight.
Despite the retreat, the immediate outlook remains neutral, with bitcoin stuck within a narrowing price range (seen in the chart below). The article continues with a detailed analysis of the four hour and daily charts and concludes: Monday's bearish outside-week candle does suggest scope for a bearish breakdown. A downside break of the narrowing price range (triangle pattern) would open the doors to $6,000-$5,950 (falling wedge support). That said, traders need to watch out for signs of a rebound from the April 1 low of $6,425.
An upside breakout of the triangle pattern could see bitcoin chew through supply around $7,200, confirming a falling wedge reversal (bullish pattern) and allowing a rally to $7,500 (double bottom neckline). Only a close above that level would confirm the short-term bullish trend reversal.
The bearish outlook seems to be receding although the positive movement today has still to reach $7,000 the trend is in that direction.
Coindesk analysis for today
The article begins by noting that during the last 24 hours BTC had been trading in a tight range around $6,800. However, the most recent action has been to move up today closer to the $7,000 mark as it is above the $6,900 level.
The article notes that for almost a week BTC is trading in an increasingly narrow range with neither the bears nor the bulls able to force a major move either up or down. This seems to be continue to be true so far. However, the article argues that the market could become more exciting and observes that according to technical theory the longer the duration and wider range of a consolidation period the more violent any breakout tends to be.
After a chart analysis the article reports its summary view: A potential bear flag breakdown could be considered as a warning the bitcoin is set to move below triangle support seen at $6,570. Acceptance below that level could prompt a drop to $6,000.
If the bulls take charge, a high volume move above $7,189 will likely set the tone for a break above $7,510 (range high) and a rally to $8,100.
Neither of these events have happened as yet but so far the bullish trend seems prevalent but this can change quickly. For the present price of bitcoin and charts see this site.
This opinion article was written by an independent writer. The opinions and views expressed herein are those of the author and are not necessarily intended to reflect those of
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