BTCUSD pushes through key resistance level

Bitcoin/USD Index (BTCUSD) Technical Analysis Report for Apr 15, 2018

Highlights

BTCUSD pushes through key resistance level
BTCUSD dominated by bulls lifting the market higher throughout the day
BTCUSD closes higher for the 6th day in a row
BTCUSD pushes through previous session high
BTCUSD rises to highest close since March 25th

TQ Sentiment

Report Sentiment: 60% Bullish
Technical Forecast:

Overview

Moving higher for the 6th day in a row, BTCUSD finished Sunday at 8350.34 gaining $360.19 (4.51%). Today's closing price of 8350.34 marks the highest close since March 25th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Saturday's high at 8195.34, Bitcoin confirms its breakout through the prior session's high having traded $241.69 above it intraday.

Daily chart for BTCUSD

Volatility

Sunday's trading range was $415.99 (5.19%), that's slightly below last trading month's daily average range of $553.34. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.

Support/Resistance

Breaking through the key resistance level at 8237.16 today, it is now likely to act as support going forward.

Trend

Although BTC is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a very bullish sentiment.

Market Conditions for Bitcoin/USD Index

Condition Forecast Direction Win Rate Exit Day Events
2 Consecutive Lower Closes TQ Pro Members Only
Close near low of period TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bearish Outside Bar TQ Pro Members Only
High close to previous High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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BTCUSD finds buyers at key support level

Sep 17, 2018
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