Bitcoin Price Analysis: Waiting For Consensus 2018
Last week hasn't brought a positive to bulls and the price still slowly, but surely began to fall down. The level of $ 10 000 remained untouched.
The week candle has turned out bear. In general the structure of the movement begins to remind the middle of February — the beginning of March when the price has broken resistance around $11 700, several times tested it, and then has strongly rolled away down.
The daily chart also has a characteristic rounding, indicating the pressure of the sellers. Just overnight the bears strengthened the advantage.
If we loor at smaller chart the price moves very technically, forming triangles and channels, fulfilling their width. Now the price is moving in the framework of two large horizontal channels with a width of approximately $ 900.
This week bears will seek to strike through the level of $8100 where was formed support. If they manage to break it, the next target will be $ 7500.
Bulls also need to break through several important levels of $ 8,600 (the descending local trend line), $ 9,100 and $ 10,000. Only after the breakdown of the psychological mark of $ 10,000, the doors to $ 11,700 will open.
However, at the present time the advantage is for the bears.
This week there will be one very important event that can drastically change the situation on the market. From May 14 to 16, Consensus event will be held in New York. More than 4,500 participants will visit event, incluiding large corporations and influential retail investors among them. This event most likely will have a positive impact on the price of coins.
Consensus may a huge influence on the market as a whole. So, last year after this event led to the increase in price on June.
Thus, the upcoming week promises to be interesting and eventful, which will increase the volatility of the market, which will create a lot of opportunities for both active traders and automated trading systems. Investors should be patient - it is quite possible that the conference will bring a lot of positive, which will have a long-term impact on the prices of many coins.