After the breaking of essential resistance levels, 7700.0 on 12.04 and 8000.0 on 13.04, bitcoin             went into lateral movement, staying above the 8000.0 level. As long as the price holds above the 7700.0 level – the market will look bullish . Nonetheless, many analytics and traders are of the opinion that only a move above resistance at 8500.0 would provide confirmation bitcoin's bear market has ended. One more popular opinion is the 100-days EMA resistance, which lies near to the 9000.0 now; breakthrough of this resistance will be a strong sign of bullish takeoff.

Today forecast: Trading in 8000.0 – 8500.0 zone; Break above the 8500.0 level will lead the price to the 9000.0 level coinciding with the 100-days EMA .

Latest news:
  • Hong-Kong Based Exchange OKEx Plans to Move to Malta.OKEx, one of the largest exchanges in the world, has announced plans to move to the European island, Malta. This announcement came quickly after a similar announcement made by Binance, one of OKEx’s main competitors. In an attempt to gain an understanding of the political climate around cryptocurrencies in Malta, OKEx’s executives met with the Maltese government. While many EU countries are taking a standoff-ish, if not downright hostile, approach to cryptocurrency, Malta – which aims to become a ‘global pioneer’ for cryptocurrency – has proven to be extremely welcoming to crypto and blockchain businesses. Currently, OKEx only offers crypto to crypto trading along with a futures market. OKEx is currently based in Hong Kong, which has probably made it difficult for the exchange to obtain the required licenses to allow for a fiat gateway to be opened in collaboration with banking systems. However, some suspect that with the move to Malta, that the exchange will open fiat to crypto trading, which will become an essential part of any successful exchange in the near future.
  • Alleged British Bitcoin             Scammer Extradited to US for Defrauding Over $36 Million.The FBI has announced on Friday that Renwick Haddow, a 49-year old UK national, has been extradited to the US from Morocco to face charges at the Southern District Court of New York . He is accused of defrauding more than $36 million from victims by making material misrepresentations and misappropriating investment funds in two companies, Bitcoin             Store and Bar Works. Haddow was arrested in Morocco under a provisional arrest warrant in July 2017 after the SEC filed fraud charges against him. He allegedly used sales representatives to cold call potential investors and sell securities in the two companies he controlled while hiding his involvement due to his shady past. According to the SEC’s complaint, promotional materials presented to investors in both companies showcased senior executives who did not really exist, and misrepresented other key facts about the operations. Haddow allegedly diverted more than 80% of the in funds raised for Bitcoin             Store and sent more than $4 million from the Bar Works bank accounts to Mauritius and another $1 million to Morocco.
  • 16 Government-Approved Crypto Exchanges Have Formed Self-Regulatory Group in Japan.A new cryptocurrency organization has been registered with the Japanese Financial Services Agency (FSA), consisting of 16 crypto exchanges that have been approved by the agency, according to local media. he group plans to “elect Taizen Okuyama, President of Money Partners as Chairman” at the next Board of Directors meeting which will be held on April 23. The association will be formally launched on that date. The news outlet quoted the new group explaining that they aim to establish rules for their member exchanges, and as an organization, will have the “authority to investigate and banish member companies.” The Japan Virtual Currency Exchange Association’s founding members are the 16 fully licensed exchanges operating in Japan. They are Bitflyer, Money Partners, Bitbank, Bitpoint, Quoine, SBI             Virtual Curre

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+1 Reply
Have to disagree with your visual chart on the next few days at least. 1D Stoch RSI makes a very big case for losses over the next 5-7 days, making your bull move premature. After that drop down though, I agree with your prognosis - and I see a drop below 7700.
Reply
@BCryptological,
Technical indicators have a subjective nature, especially regarding highly volatile bitcoin :)
I see your point about Stochastic RSI; it is in an oversold state. But I suppose that a lot of turnarounds starts from the deviations with technical indicators.
Moreover, I agree with you that BTC will not takeoff write-away.
The most probable scenario, from my point of view, is lateral movement under 8500.0.
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