Bitcoin completes the second week after its surprising bullish action on 2nd April with comparative stability. The price of Bitcoin at 3: 30 hours UTC on 16th April 2019 is $5066. It is trading 2.33% lower on a daily scale. On the weekly scale, it is trading 2.2% lower.
Bitcoin still in ‘no-trade zone’
On the weekly chart, leading trading analyst Tone Vays mentioned that “we have seen rejection from the 50-Day moving average.” The chart is starting to squeeze in between the 200-day Moving Average and 50-Day Moving Average.
If that scenario plays out Bitcoin would break continue consolidation around $4000 dollars until some time in September. Moreover, fundamentals must keep growing stronger for a bullish action even then.
The weekly chart also provides crucial information about market sentiments with the ‘Doji’ at play. The weekly opening is close to the weekly close. The range of the Doji was 0.59%. Hence, there is indecision in the market after a sharp bullish trend. If another…
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