Bitcoin Update April 17

[Boomerang Capital Inc]

After the massive move up throughout the weekend we are finally seeing price pullback to support and reset its lower time frame oscillators.

Price Action Levels
Resistances - Price wicked above our important zone around $8.3k but then was sent back down below towards support. A close significantly above this level is our first target for a continued move up higher. Above the $8.3k zone of resistance there is an intermediate zone of resistance around $8.6k

Supports - Price is now heading back towards $7.8k where we have a nice confluence of support from price action and a few indicators.
A break below $7.8k would send price down towards the previous resistance around $7.5k.

Indicators
Moving Averages (same situation as yesterday) - The daily moving averages loom above price at the moment starting around $8.5k. A breach and hold above these would be a great sign of strength.

Ichimoku Cloud - The 4H cloud is below price at the moment (bullish) and if need will act as support around $7.8k

Oscillators - The 4H RSI is showing a small hidden bearish divergence, which is a signal of a continuation in the current bullish move. If price holds above $7.8k RSI will likely catch up to price and send it further upwards

Conclusion
It is a tricky spot today with the higher time frame oscillators nearing resistance and overbought areas, whilst the lower time frame oscillators signal bullish divergences and reach lower oversold areas. In the short term we expect $7.8k and the lower time frame oscillators to provide price with a bounce back towards the resistance block around $8.3k

SORRY IM UNABLE TO POST MY CHARTS

Telegram and Twitter handle: @BoomerCapital
Website: boomerangcapital.org