Time: 8.17 A.M. / GM+2 / 15th May 2018 – Tues.
In our 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 and no change in our short term forecast as we still expect some losses eventually towards / The Next Support 7.770K.
Market Factors
- The possibility that Mt. Gox will short another set of bitcoin to pay off its creditors, keeping Bitcoin Market on Edge as an around 8.000 Bitcoins Are Still Up For Selling.
- The failed attempt at breaking 9.050K has drawn More Selling Pressure and spooked some bulls. However, positive updates in the industry are still popping up and could ultimately allow the climb to resume.
Technical
In our previous post / 592 / we had forecast the trading range will be between 7.770K and 9.050K. The intraday high was 8.884K and the low was 8.271K.
Bitcoin price keeps its negative stability below 9.050K and EMA50 keeps pushing the price negatively, which keeps the Correction Scenario Valid, which its next target located at 7.770K.
RSI show the sellers have the upper hand and Stochastic on its way out of the overbought area, so strong selling momentum could take bitcoin price to the 100% extension around 7.770K.
Based on Price Behavior Around 8.643K, we think that downside action should continue to 7.770K to become a right arm of Our Reverse H&S Pattern.
Note; Our forecast will be vanished, if market move above 9.800K and confirm that an uptrend is taking place.
Sentiment
We will suggest / The Neutral Trend / for today.
Support 1: 8367.000 level.
Resistance1 : 9050.00 level.
Support 2: 7770.000 level.
Resistance2 : 9800.000 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 low of 2019: ???
The high of 2019 (Bitcoin Holder's Year):
36000.00 level / Expected.
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If You are New in Trading --> Read Trading Education Center / Volume I.
What You Know About --> Fibonacci Retracement in Trending Market.
