Time: 8.37 A.M. / GM+2 / 27th Aug 2018 –Mon.
Recapitulation
- Bitcoin price regained its ground last week, when SEC announced their plans to review their decision to reject several bitcoin ETF applications and continued to provide positive trading to move inside the bullish channel ( Below 4H Chart ) on its way for a Temporary Rise to test the resistance 6.964K !
Market Factors
On August 22, U.S. Securities and Exchange Commission rejected 9 proposals for new Bitcoin exchange traded funds, but the review plans of their decision, Keep Hopes Up for the next set of bitcoin ETF application decision due later next month.
The negative piece of News About China further tightening its restrictions on cryptocurrency trading was also taken in stride by the traders. But when an asset class holds on to its support levels after several negative news, it shows that the bears start to lose their grip !
Technical
In our previous post / 683 / we had forecast the trading range will be between 6.039K & 6.800K. The intraday low was 6.557K and the high was 6.745K.
Conform 4H Chart, we mostly expect Upside Action inside the bullish channel to 6.964K, followed by Decline 6.500K and 6.039K, as most likely the Temporary Rise will get end around 6.964K and the price
will resume the bearish trend.
RSI signal that sellers have the upper hand, and Stochastic signal that sellers are eager to return.
Breaking 6.519K will motivate the price to resume bearish trend to 6.039K, while Breaching 6.964K and holding above it will cancel the bearish trend.
Keep in mind, any changes in Market Sentiment could lead to big swings, as volatility is expected to return after the US Labor Day holiday.
Sentiment
The trend is Bearish,
unless breaching 6.964K and holding above it !
Support 1: 6519.000 level.
Resistance1 : 6880.00 level.
Support 2: 6260.000 level.
Resistance2 : 6964.000 level.
Expected trading for today:
is between 6039.00 and 6964.00.
Expected trend for today :
Bearish.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5782.00 / Fundamental Barrier / Done.
The high of 2018:
11700.00 / Expected!
The low of 2019:
6600.00 / Expected!
The high of 2019:
25000.00 / 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.