Time: 8.10 A.M. / GM+2 / 12th May 2018 – Sat.
- In our previous post / 587 / we wrote: Retracement will be on Waves towards / 8.832K / 8.573K / 8.367K / 7.770K.
- The first 3 targets 8.832K / 8.573K / 8.367K was met. The price now pause around 8.367K but further losses are expected eventually towards 7.770K as our forecast in our previous post / 576 /.
- So keep an eye on the 4th station at 7.770K, as a buying opportunity that build our inverted head and shoulders.
Market Factors
- Apart from the technical signals, which are getting more bearish after a break below the 100-DMA, there are some other drivers behind the continued correction from highs close to the 9.990K.
I- Some negative pressure came from NVIDIA, as the tech firm predicted a big drop-off in cryptocurrency mining demand in the second quarter of 2018:
II- Another source of the increased selling pressure was the news that Mt. Gox trustees have moved another $80 million of digital currency into cold storage.
- Prospects for the end of 2018 keep tormenting every crypto-investor. Bitcoin price continues to suffer losses on Friday and failed to keep above the key 9K and most likely we will see a decline below 8K area.
Technical
In our previous post / 589 / we had forecast the trading range will be between 8.573K and 9.676K. The intraday high was 9.004K and the low was 8.333K.
Hourly MACD in the bearish zone and RSI is currently near the extreme oversold levels.
Sentiment
We suggest / The Neutral Trend / for today.
Keep an eye on the 4th station at 7.770K, as a buying opportunity.
Support 1: 8367.000 level.
Resistance1 : 8643.00 level.
Support 2: 7770.000 level.
Resistance2 : 9050.000 level.
Expected trading for today:
is between 7770.00 and 9050.00.
Expected trend for today :
Neutral.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5947.00.
The high of 2018 (BitcoinTrader's Year):
16046.00 / Expected.
The high of 2019 (Bitcoin Holder's Year):
36000.00 level / Expected.
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