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Bitcoin Price Analysis, 30 April 2018: Support Above $9000

Bitcoin markets experienced some downward pressure through the day’s course, and yet USD 9,000 price levels were not breached. Trading volumes are now also on the rise as markets attempt to counter the downward pressure put on prices by sellers.

The Day’s Signals

  1. The day’s course showed support for prices above USD 9,000.
  2. Selling pressure lead prices to go further under USD 9,400 after a high around those levels was reached on the previous trading session.
  3. Large sell orders have so far not managed to move prices lower than USD 9,100 levels with more recent prices being slightly above USD 9,300.

bitcoin gdax-btcusd-Apr-30-2018-23-42-7

GDAX BTC/USD charts are showcasing the selling pressure that lead prices from USD 9,400 price levels to a low touching USD 9,100. While all that might have happened in the same trading session, further downward pressure was averted from having any effect on price. In so far, markets are showing certain support for the recently reached price levels above USD 9,000. Large sell orders took on to become one of the leading contributors in today’s trading volume increase. Notably, traders contributed to a recovery from USD 9,100 lows levels after a few back to back selloffs.

bitcoin okcoin-btcusd-weekly-futures-Apr-30-2018-23-42-17

OKEX BTC/USD weekly futures charts are notably showing that futures traders are now maintaining more positivity on futures markets. Bitcoin futures have for the course of the current trading session traded above live market prices. The selloffs on live markets were not exaggerated by futures traders. Selling pressure experienced through the day’s course might have pushed a bit of the positivity that futures traders had in store away through.

The overall outlook of the market appears to be showcasing a substantially improved market sentiment that in previous trading sessions. Traders now appear to be willing to take on selling pressure. The emergence of support is telling for the market sentiment; not to forget that current price levels are more or less the result of a bullish breakout.

 

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