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BTC/USD crypto trading - The range is broken - 04 May 2018

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BTC/USD crypto trading 04 May 2018
5/5 of 11 ratings

The crypto market is moving slower

These days, the crypto market is not as emotional as it was a few months back. It is probably the natural course of the market with bigger whales taking over and playing it slow. In the last couple weeks, Bitcoin was moving in the range of 8800 to 9600, and it finally showed some higher volatility, breaking through the upper range.

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Bitcoin shows strong bullish strength

At the time of writing, the Bitcoin market cap stands at $165.09 billion, with $9.33 billion in volume traded in the past 24 hours. According to coinmarketcap, the gain in value is about 3%.

When it broke through the wedge pattern, the chances BTC would break the 9600 level were pretty strong, and this is indeed what happened. Currently, Bitcoin is consolidating on the same area, and it looks to me like traders are preparing for their next target of 10,000. All over Twitter, the vibe is very bullish and the price action also confirms it.

The bull flags on lower time frames suggest the next target will be 10,400, which might be reached over the weekend. I would be buying dips toward 9600 with the first target of 10,000 and the second of 10,400. I wish you happy trading, and don't forget to give me more stars!

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.

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