Time: 8.28 A.M. / GM+2 / 30th Aug 2018 – Thurs.
Recapitulation
After eight months of Bearish Price Action, we still expect that the Bear Market isn’t over yet, because bitcoin market is forming bearish flag on daily chart, and this current action doesn't correspond to nature of reversal action !
Bitcoin price tested yesterday 6.924K close to the Key Support AT 6.880K and keeps its stability above it, and still supported by EMA50 inside the Bullish Channel that appears on below 4H chart.
Bitcoin price could be due for a Pullback from its ongoing climb, towards the bullish channel bottom, as the price action doesn't look like real reversal !
Market Factors
- The mood is somewhat positive in the industry as investors await the SEC Decision on pending bitcoin ETF applications. To top it off, risk appetite has been evident in global financial markets thanks to developments in NAFTA and Brexit.
Technical
In our previous post / 686 / we had forecast the trading range will be between 6.519K & 7.285K. The intraday low was 6.924K and the high was 7.139K.
RSI signal that sellers have the upper hand, Stochastic sustained bearish momentum.
Note; Breaking 7.188K / 50% FIB might extend the upmove action towards 7.497K / 61.80% FIB before any new decline.
Sentiment
The trend is Slighty Bearish,
unless breaching 7.497K / 61.80% FIB and holding above it !
Support 1: 6880.000 level.
Resistance1 : 7188.00 level.
Support 2: 6519.000 level.
Resistance2 : 7497.000 level.
Expected trading for today:
is between 6519.00 and 7285.00.
Expected trend for today :
Slighty 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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hopes of considerable returns down the road.
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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.
