Time: 9.44 A.M. / GM+2 / 29th Aug 2018 –Wed.
Recapitulation
Bitcoin price resumed the positive trading and tested 7.127K, supported by EMA50 that try to push the price towards 7.188K / 50% Fib and 7.285K inside the Bullish Channel that appears on below 4H chart.
Bitcoin price could be due for a Pullback from its ongoing climb Below 7.285K to the channel bottom, as the price action doesn't look like real reversal !
Market Factors
A pickup in risk-taking being pinned on the US-Mexico trade deal could be one of the factors propping bitcoin price up. Traders seem to have renewed their appetite for cryptocurrencies as a result !
Data from the CFTC revealed a decline in bearish bitcoin bets, leading traders to renew expectations for a strong rebound until the end of the year. Traders are awaiting the SEC decision on a number of bitcoin ETF applications.
Technical
In our previous post / 685 / we had forecast the trading range will be between 6.519K & 7.285K. The intraday low was 6.886K and the high was 7.127K.
Bitcoin price rallied upwards strongly to Test 7.127K as expected and settles now above 7.000K, to signal that further gains Towards 7.188K
& 7.285K are in the cards, before any new attempt to decline, as
we still think that bitcoin price is still on a tear and another leg down most likely will take place around the top of the bullish channel !RSI signal that sellers have the upper hand, Stochastic signal that sellers are in control, and Oscillator has a bit of room to head south.
Sentiment
The trend is Slighty Bullish,
unless breaking 6.519K and holding below it !
Support 1: 6880.000 level.
Resistance1 : 7188.00 level.
Support 2: 6519.000 level.
Resistance2 : 7285.000 level.
Expected trading for today:
is between 6519.00 and 7285.00.
Expected trend for today :
Slighty Bullish.
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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