Time: 8.27 A.M. / GM+2 / 30th May 2018 – Wed.
Recapitulation
- Bitcoin price shows some bullish to test EMA50 due to a Bullish Divergence, but Stochastic entering the overbought areas to form negative pressure, the reason why we expect a Rejection Around 7.500K - 7.614K Area in bitcoin price against US Dollar, which suggest surpassing the crucial support 7.100K - 7.210K to continue the decline toward our First Target at 6.519K Within 1-2 Weeks.
- At press time, bitcoin is trading around 7.500K and the chances is still valid to achieve more decline to extend losses to reach 6.519K - 5.878K - 4.300K as long as the price Below 7.910K.
Market Factors
Global Financial Markets are getting unsettled about Italy, and it isn’t because the Azzurri didn’t qualify for the soccer World Cup. The political situation is worsening, with downside for confidence around Euro-Zone stability.
Italy May Be Forced into another election as soon as July 29. Earlier reporting suggested September for another election. The question for markets is what the ECB could or wants to do to stem the market turmoil. At least, expect ECB officials to make soothing comments about having the tools available to head off a crisis.
It looks like Fears Of Rising Anti EU Sentiment are driving up demand for bitcoin price, as this has been evident during previous referendums wherein euro zone nations threatened to leave the bloc.
Technical
In our previous post / 607 / we had forecast the trading range will be between 6.915K and 7.614K. The intraday high was 7.560K and the low was 7.051K.
Looking at the weekly chart, will see that bitcoin price has failed to reach 10.158K and turned down, and the 2 weekly bearish stop grabbers ( G seen on chart ) after breaking 7.614K, suggest drop below 6.519K, to test 5.878K reaching 4.300 area, where Long Term Traders Should Wait this level as potential bullish reversal.
The bearish trend remain valid conditioned by Stability Below 7.910K and the most important level at 8.643K.
Sentiment
We will suggest / Bearish Trend / for today.
Support 1: 6519.000 level.
Resistance1 : 7614.00 level.
Support 2: 5878.000 level.
Resistance2 : 7910.000 level.
Expected trading for today:
is between 6915.00 and 7910.00.
Expected trend for today :
Bearish.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5947.00 !!! / 4300.00 Expected.
The high of 2018 (BitcoinTrader's Year):
14469.00 / 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.