Time: 7.40 A.M. / GM+2 / 5th May 2018 – Sat.
Market Factors
- Tangem Launches Smart Banknote to Facilitate Offline Use of Digital Tokens. Tangem, a Switzerland-based hardware-software platform developer that aims to foster mass adoption of blockchain technologies, has launched ‘the first smart banknote digital assets’ at the Megafash Suntec City store in Singapore. The technology will allow blockchain-based cryptocurrencies to be issued as smart physical banknotes with embedded near-field communication (NFC).
- The latest wave of optimism in the cryptocurrency markets was due to Goldman’s announcement. The news inspired the market participants amid expectations that other large institutions could follow Goldman’s example in the future. Moreover, the announcement was taken as another sign of Bitcoin acceptance among institutional investors and the digital currencies becoming more mainstream and popular on the whole.
Technical
In our previous post / 582 / we had forecast the trading range will be between 8.643K and 9.875K. The intraday high was 9.880K and the low was 9.550K.
Bitcoin hasn’t been all that impressive simply because it is still, from a medium-term perspective, in Dead Cat Bounce Territory.
Keep an eye on 9.911K!
The best case scenario / Below 9.911K, the price will try test 8.357K followed by 7.614K, supported by the double top at 9.875K seen on 4H to build our Inverted Head & Shoulders Pattern, as we wrote in our previous post / 573 / before the continuation of the bull trend towards 12.40K.
The worst case scenario / Above 9.911K, the price will try test 10.158K followed by 11.30K at 38.2% Fibonacci line, followed by crashes at least 70% again.
Sentiment
We still suggest The Best Case Scenario & Neutral Trend in the upcoming period, keeping an watching eye on 9.911K.
Support 1: 9496.000 level / 5H EMA10.
Resistance1 : 9911.00 level.
Support 2: 8643.000 level.
Resistance2 : 10158.000 level.
Expected trading for today:
is between 9496.00 and 10158.00.
Expected trend for today :
Neutral.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5947.00.
The high of 2018 (BitcoinTrader's Year):
12407.00 - 13660.00 Area / Expected.
The high of 2019 (Bitcoin Holder's Year):
25000.00 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.
