FX.co ★ Bitcoin analysis for April 24, 2018

The Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $9.266. In a little more than three weeks time the Bitcoin (BCH) network will hard fork by upgrading its block size to 32MB and incorporate additional functionalities to the protocol. Currently, the entire community is steadily preparing for the consensus change as development teams release new code, while users and infrastructure providers upgrade their full node implementations. Technical picture looks bullish.

Trading recommendations:

According to the 4H time - frame, I found that price reached and broke my first short-term objective target at 8.966, which is a sign that demand is very strong. Most recently, I found a bullish breakout of the ascending triangle pattern, which is another confirmation of the strength. My advice is to watch for potential buying opportunities. The next upward targets are set at the price of $9.805 and at the price of $11.600.

Support/Resistance

$9.270 – Intraday resistance

$9.000– Intraday support

$9.805– Objective target 1

$11.600 – Objective target 2

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