Time: 8.47 A.M. / GM+2 / 9th May 2018 – Wed.
Bitcoin price fluctuate around 9K barrier now, after / Negative Trading / trying to break below 9K due to:
- The double top can be seen on its 4-hour chart.
- 4H Butterfly "Sell" and 1H 3-Drive "Sell".
- The negative remarks by Warren Buffet and Bill Gates who cast doubts on the cryptocurrency’s ability to retain its value.
The market is still trying to absorb the speech by the US President Donald Trump with regard to the pulling out of the Iran Nuclear Deal. The world is nervous as to what will happen next. What will Iran do? What are the sanctions the US will impose? What other countries, like the UK, France, Russia, China and Germany will do? / What is the impact on Bitcoin Market! / These are questions everyone is asking. As for the market, how will the US Dollar react. In the next few days, some of the questions will be answered. We have to wait and see!
Taking a closer look at this year to S&P 500 and Bitcoin, you will see they are virtually in lockstep. / The correlation seems so tight / ! Why is this? The public adulation for speculation running in parallel irrespective of asset class? It would seem so. And this another reason why we believe bitcoin price is not able for now to go above 10.158K.
- In our previous post / 586 / we had forecast the trading range will be between 9.038K and 10158.00. The intraday high was 9.421K and the low was 8.980K.
Stochastic is starting to move up from oversold area to suggests that sellers still have enough energy to push bitcoin price for more losses, and RSI support the bearish wave.
Clear break below 9.038K will move the price to the next station at 8.832K.
On 1D we have / Classical Triangle Pattern / with upper border between 10.10K -10.20K ( 10.158K ). So any move above 10K for moment will be limited to 10.158K and / Short Lived /.
On 4H / Deep Retracement Should Come / due appearing of upside reversal swing.
To conclude, A deep retracement, basd on 4H Butterfly "Sell" and 1H 3-Drive "Sell" is expected and most likely the / Retracement will be on Waves / towards: 8.832K / 8.573K / 8.367K / 7.770K.
Note; Holding above 9.038K will push the price up towards 10.158K before the fall and will not cancel the retracement.
We will suggest / The Bearish Trend / for today.
Support 1: 8573.000 level.
Resistance1 : 9421.00 level.
Support 2: 8367.000 level.
Resistance2 : 9767.000 level.
Expected trading for today:
is between 8573.00 and 9767.000.
Expected trend for today :
Bearish.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5947.00.
The high of 2018 (BitcoinTrader's Year):
16046.00 / Expected.
The high of 2019 (Bitcoin Holder's Year):
25000.00 level / Expected.
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