Time: 8.35 A.M. / GM+2 / 18th May 2018 – Fri.
Since May 5, when the price bumped into 9.990K, bitcoin price is mostly nursing losses, as expected, supported by Weekly Bearish Stop Grabber, to tested the 8K level few hours ago, trying to form an our Inverse Head & Shoulders Pattern on the support 7.614K - 7.770K area, as our forecast
in our post / 576 /
Market Factors
The weakness in bitcoin comes due to the disappointment at the popular crypto’s failure to stage a rally during the Annual Blockchain Conference, Consensus, which took place earlier this week.
Bitcoin price is most likely ready for a rally at this stage, and The Downside Risks Are Limited. Considering that bitcoin acceptance continues to grow, and more institutional investors engage in this industry, following a possible deeper retreat, bitcoin market will attract decent demand.
Investors continue to Hold Out For Positive Updates in the industry but until those come out, caution has prevailed after bitcoin price was rejected a resistance level after another.
Technical
In our previous post / 595 / we had forecast the trading range will be between 7.770K and 9.050K. The intraday high was 8.393K and the low was 7.925K.
Bitcoin price trades with clear negativity now around 8K , falling under continuous pressure coming by EMA50, trying to push the price towards 7.614K - 7.770K Support Area.
Note; If bitcoin price fail to turn up around 7.770K level ( Most Likely 7.614K - 7.770K Area Will Hold ) 6.519K low will be broken, supported by weekly bearish stop grabber.
Sentiment
In fact; Trend Stands Bearish unless breaching 8.643K level and holding above it. But we will suggest / The Slighty Bullish Trend / for today. Because:
As our forecast in our post on Apr 28 / 576 / we see signs that market could Hold Around 7.614K - 7.770K Area at 5/8 Level.
Based on Price Behavior the last days around 8.643K, we believe The Weekly Bearish Stop Grabber Can Not Destroy The Inverse Head & Shoulders Pattern.
Support 1: 7770.000 level.
Resistance1 : 8643.00 level.
Support 2: 7614.000 level.
Resistance2 : 9050.000 level.
Expected trading for today:
is between 7614.00 and 8643.00.
Expected trend for today :
Slighty Bullish.
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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