Bitcoin signals: Bulls in Bitcoin stop and expect price correction - ฿

Bitcoin arrives at historical maximum prices and is placed in situation of sobre purchase. In the last three weeks, despite the debate about the size of the block and after the refusal to create the ETF for Bitcoin, the bulls returned to the attack with the criptomoneda. You can send your rewards tailor-made to the following portfolio: 38t1KezSyYgV7ArxHcW9zUgcGeCKRAY3Le

After three weeks of having recovered the price, Bitcoin broke key resistances and went on the 1,372 dollars, to begin to quote at extremely high prices, that is to say in the area of ​​sobre compra, reason why it is sending signals of exhaustion of this new one Rise and could produce a new price correction, then continue the upward path. Our latest forecast, in which there would be a price cut, between the area of ​​915 and 1,000, was confirmed, to take up positions, again the digital currency offers opportunities for profit taking, which could produce a significant drop in the next Days in this market, then re-entering long positions.

Bitcoin is over bought in the medium and long term charts, both in the weekly and monthly, however, the last strong rise, has added daily charts. The resistance of $ 1,313.54 was broken by a long bullish candle, which invites traders to sue more Bitcoin, but at very high prices. The volume of purchase on the daily chart, no longer accompanies the upward trend, being lower than in the previous two days, the volume for Monday 1 May, stood at 11177 points, while two days ago at 11183 points , At a much lower price, this implies that the strength of bulls is running out. In fact in the monthly graphs the volume of negotiations, does not accompany the rise in prices, which indicates that who are buying, only do so for small quantities but at very high prices, unequivocal signal of correction.

The trend remains bullish, but in the monthly chart, an impending correction would be forming the valley, after the rise of the first Elliot Wave that is being configured in monthly operations. Although there is no sell signal, the bearish indicator on the monthly chart stands at 362.02 points, the bullish at 467.92, however, last month bulls had 466.25 points and bearers only 205 , 44 points, which means that between the previous month and the current, bulls begin to lose strength and bearers could enter to control operations temporarily, since they added 76% to their options in the future, against the bulls that Only rose 0.21%. This indicates that the market is preparing for a strong sale in next sessions by profit taking. The MACD indicator stays in position in "longs" in the monthly, weekly and daily charts. The upward trend is flawless and very solid on the weekly charts, but waiting for the correction to take on new strengths.

If correction occurs, in the monthly chart, the key support is in the area of ​​790 dollars, there coincides with the short-term moving average, and the indicator of 50% of the Fibonacci setbacks, that is, if there were A crash, the minimum price of Bitcoin would be located there. A fall by correction, by profit taking places Bitcoin in the area between $ 1,130 and $ 1,100, on the weekly chart, which coincides with daily charts, upward trend of good quality and natural price corrections. In the area between $ 1,050 and $ 1,100, Bitcoin will be offering new opportunities in upcoming sessions to re-enter longs.

Prices are referenced with the BTC-e platform

Forecast date: May 01, 2017