- “There will be a significant rally here if seasonality brings tailwinds,” said Brian Kelly.
- The 100 SMA will offer stiff resistance in the path of recovery for BTC/USD.
Bitcoin price encountered stiff resistance at $7,481 and could not break above the major resistance level at $7,500. BTC/USD embarked on a slight downside roll but found a support at $7,292. However, the weak support could not hold for long as the sellers pushed to regain control of the market.
Industry expert, Brian Kelly admits that Bitcoin has experienced the worst quarter in history. He, however, believes that there is going to be a turn of events in the second quarter of 2018 and exponentially in the rest of the year. Brian Kelly is the CEO and the founder of Brian Kelly Capital as well as a contributor to CNBC’s “Fast Money.” Brian, while on the “Futures Now” segment said that digital assets have always achieved more in the second quarter. In connection to that, he said: “There will be a significant rally here if seasonality brings tailwinds.”
In a comment on the effect of regulations on the price, Brian Kelly said “I don’t think regulation is a bad thing … it doesn’t kill any other market as long as we do it correctly and we don’t stifle innovation. Regulation might actually increase adoption.”
Bitcoin price technical analysis
A bullish momentum is forming at $7,163 as the price begins to retrace higher towards $7,200. The 100 SMA will offer stiff resistance in the path of recovery. The 50 SMA, on the other hand, will support the price in case of further declines near $7,050. The MACD is dipping into the negative territory indicating the presence of a bearish force. If the price breaks below $7,000 level, $6,930 could offer support. However, the recent low at $6,450 is still within reach.
BTC/USD intraday 30’ chart
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