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article imageBitcoin price needs to trend higher or risk another fall

By Ken Hanly     Apr 19, 2018 in Technology
Although the price of Bitcoin(BTC) has remained above $8,000 all day suggesting a bullish trend, it has yet to trend upward significantly so far.
As a recent CoinDesk article puts it: "Bitcoin (BTC) remains in bullish territory today, but a major break above the long-term descending trendline has been elusive."
BTC price needs to climb more to continue a bullish trend
The article argues that BTC needs a major move beyond the $8,300 level in order to avoid another possible sell off. The trendline resistance is about $8,275. So far today the price has not reached that level.
The present price of BTC
At 15:45 UTC Bitcoin was trading according to Coindesk data at 8,219.37 and was trending up. Bitcoin opened on April 19th at $8,163,69. The high so far has been $8,2653.89 not too far off the trendline resistance of $8,275. The low today was still significantly above the $8,000 level at 8,104.88. So far today trading is within a narrow range. However, it is staying well above the ascending 10 day moving average(MA) which at present is $7,824.
The CoinDesk article notes that over the last few days the price has rebounded from below $8,000 to break above that level again indicating that bitcoin has found acceptance above that level. The bias still remains bullish although the bulls need a breakthrough beyond the long-term trendline to remain so.
After a chart analysis CoinDesk concludes: "A high-volume break above $8,300 would confirm a long-term bearish-to-bullish trend change and open the doors for a move toward $8,800 (10-week MA). Repeated rejection at the key trendline hurdle would boost the odds of a deeper pullback to $7,510-$7,200."
Recent price drop caused partly by a whale dumping shares
A recent Digital Journal article on April 17th noted that the BTC price dipped well below $8,000 but attributed the drop to the announcement by the New York attorney general that he was investigating cryptocurrencies and would send exchanged a detailed questionnaire.
Prices hit a low of $7,823 but another reason for the drop was that a whale was reported to have dumped $50 million worth of bitcoin in one huge trade on Bitfinex.
The appended video discusses bitcoin news from April 18, yesterday.
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