Bitcoin once again came on a rising trail with prices spiking above USD 9,000 levels. This time though, BTC/USD markets continued taking consideration and ultimately showed some support for the price rise, with trading volumes also experiencing an increase across exchanges. Notably, there seemed to be a positive reception for such a rise in Bitcoin’s price for a while. However, profit taking has since taken the upper hand in markets.

The day’s signals

  1. Price levels through early hours of the day’s trading session might have flirted with USD 9,000 but the price remained out of reach.
  2. It was ultimately a large spike that pushed prices from USD 8,870 to above USD 9,100.
  3. The market’s reception to this event remained positive as a top level further above USD 9,000 was reached.

BITCOIN gdax-btcusd-Apr-28-2018-1-1-37

GDAX BTC/USD charts are showcasing the positivity traders were reflecting on markets. Following the spike pushing prices above USD 9,000 was another top being reached. This positive sign could potentially lead to further support, but for the more recent hours, traders appear to be building up more cautiousness. Trading volumes were down slightly with prices continuing to deviate from the top reached. Under such a setting, markets would be more susceptible to a correction. It appears as though the recent hours led traders to being more hesitant in supporting the newly-reached price levels.

BITCOIN okcoin-btcusd-weekly-futures-Apr-28-2018-1-1-16

OKEX BTC/USD weekly futures charts are showcasing a more positive outlook in terms of how negative price moves were perceived. The negative response to the top reached after the spike wasn’t as dramatic in futures markets. Futures traders might hold more faith in the sustainability of price levels above USD 9,000 at the moment. However, futures markets are also showing signs of awareness from traders that the lack of support could potentially lead to further price falls.

All in all, the hours following the latest consideration of the market will be detrimental on what direction would follow. Ultimately, a breach of USD 9,000 price levels might be inevitable under the current market setting. Still, if prices continue to loom around such levels then a better follow-up to positive price movements could build up. For now, markets are taking consideration on how pressure should be taken in. In doing this, the bottom of profit taking is going to be a deciding factor in future moves.

 

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