Bitcoin Price Analysis, 20th April 2018: Bullish Breakout for BTC/USD Markets

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Bitcoin Price Analysis, 20th April 2018

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The day’s signals

  1. Markets are showing a bullish sentiment with the price following a rising trail.
  2. Traders have so far welcomed a breakout above USD 8,500 without major resistance following it.
  3. Today’s top was reached at around USD 8,550. Prices now are continuing to trail at levels above the USD 8,500 price point after the spike to such levels.

BITCOIN gdax-btcusd-Apr-20-2018-24-43-13

GDAX BTC/USD charts showcase how markets reacted after today’s upward spike.  Traders now seem to be welcoming buy pressure more than in any of the preceding trading sessions. The change in market sentiment is becoming apparent through the rise of the price throughout the day. Prices went from USD 8,140 price levels at the beginning of the trading session up to reaching above USD 8,350 before today’s spike. Notably, even after a sudden spike that pushed prices from USD 8,350 price levels to above USD 8,500, this was taken in well by traders.

BITCOIN okcoin-btcusd-weekly-futures-Apr-20-2018-24-42-53

OKEX BTC/USD weekly futures charts are showcasing a similar mood from futures traders. The divide that had developed between futures prices and live markets in recent trading sessions remains but has shrunk considerably. Futures traders appear to be a little more cautious after the spike but are nevertheless continuing to showcase support for prices above the USD 8,500 price point.  Potentially, futures traders are looking for more support on Bitcoin markets but if the current trend is sustained this would come off naturally.

It’s worth noting that up until this point, markets seemed to have been driven by one-off sizable sell or by orders and taking consideration upon them. Today’s trading session is different in a sense that markets kept moving prices upwards before an upward spike took place. The overall market sentiment is improving, and that’s something sending ripples of positivity across crypto markets. For now, if price levels above USD 8,500 are sustained, Bitcoin could potentially be entering another decisive run.

 

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