Bitcoin analysis for April 03, 2018

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Bitcoin (BTC) has been trading upwards. The price tested the level of $7.370. Over the past few weeks, the bitcoin cash (BCH) community and developers have been discussing 'zero-confirmation' or 'instant transactions.' Many BCH supporters believe if the concept was broadly accepted, payments and transaction speed would be extremely fast bringing a significant competitive edge to the BCH. The technical picture looks bullish.

Trading recommendations:

According to the 1H time - frame, I found a confirmed revered head and shoulders pattern in the background, which is a sign that buyers are in control. I also found a breakout of the channel, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $7.660 and at the price of $7.865.

Support/Resistance

$7.370 – Intraday resistance

$7.211– Intraday support

$7.660 – Objective target 1

$7.865 – Objective target 2

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