Time: 8.34 A.M. / GM+2 / 7th May 2018 – Mon.
- The past days provided some bullish behavior as Bitcoin price broke through the resistance 9496.000 level / 5H EMA10, and showed signs of being overbought at 9.990K. So Bitcoin price has yet to cross the 200-Day MA though it has come within a hair’s breadth, followed by a rejection from 9.990K to 9.259K.
Market Factors
- Human behavior tries to explain trading noise as a meaningful trend! This confuses the majority which, in turn, contributes to their role as bagholders of trend transitions.
- Bitcoin is in a bear market at the moment and my belief that growth cannot resume until we have achieved a sound enough trading environment and a healthy pull back to 8K level, before a flashing buy.
Technical
In our previous post / 584 / we had forecast the trading range will be between 9.496K and 9.990K. The intraday high was 9.912K and the low was 9.259K.
Bitcoin price is overbought for the short-term and the long term picture projects continued recovery once bitcoin trades above the 200-day MA and above the strong resistence 11.785K.
MACD is slowly reducing its bullish slope and RSI is moving lower from the 70 level.
The current rejection from 9.990K will try push the price below 9K to test 8.357K followed by 8.165K, to build our Inverted Head & Shoulders Pattern, as we wrote in our previous post / 573 / before any new attempt to re-win the bull trend.
- Note; Daily close above 9.990K, will cancel our scenario to lead the price towards 10.158K followed by 11.30K at 38.2% Fibonacci line, followed by crashes at least 70% again. As any move about 10K for moment will be short lived and not healthy for the long term trend.
Sentiment
- We will suggest Slighty Bearish Trend in the upcoming period, unless breaking 9.990K level / Daily Close / and holding above it, that most likely will lead the price for a correction, towards our targets 8.357K and 8.165K , before any attempt to rise towards 12.407K.
Support 1: 8643.000 level.
Resistance1 : 9767.00 level.
Support 2: 8165.000 level.
Resistance2 : 9990.000 level.
Expected trading for today:
is between 8800.00 and 9767.00.
Expected trend for today :
Slighty Bearish.
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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What You Know About --> Fibonacci Retracement in Trending Market.
