Time: 8.22 A.M. / GM+2 / 17th May 2018 – Thurs.
Bitcoin price tried to stage a recovery the last days, but failed to confirm a break above the 8.855K and resumed the down move below 8.643K, settled below 100 hourly simple moving average.
The sell-off could intensify to break lower targeting our 4th Waited Target located at 7.770K, as our forecast in the post / 587 / the most important support of the week. To build the right arm of Our Reverse H&S Pattern, as our forecast in our post / 576 /.
Market Factors
Traders don’t dare to buy after a failed attempt to overcome 9.990K and it looks like bitcoin needs some fresh bullish catalyst to break the psychological level at 10K.
Investors continue to hold out for positive updates in the industry but until those come out, caution has prevailed after bitcoin price was rejected a resistance level after another.
Traders are keeping close tabs on the investigation into South Korea’s largest crypto exchange as this revives issues on regulation and security.
Technical
In our previous post / 594 / we had forecast the trading range will be between 7.770K and 9.050K. The intraday high was 8.482K and the low was 8.121K.
Looking at the charts, the price action suggests a bearish signs below 8.643K to break below 8.000K area trying to push the price towards 7.650K-7.770K area.
Bitcoin price could pause from its drop as a double bottom formation can be seen on the 1-hour chart but from the technical point of view, the moving averages point to bearish risks in the short term, and oscillator is nearing overbought levels to reflect exhaustion.
To conclude, we see signs that market could continue dropping right to the next support area at 5/8 level of 7770$.
Note; If bitcoin price fail to turn up around 7.770K level ( Most likely the 7.770K area will hold ) 6.519K low will be broken, supported by weekly bearish stop grabber.
Sentiment
We will suggest / The Neutral Trend / for today.
Support 1: 8100.000 level.
Resistance1 : 8643.00 level.
Support 2: 7770.000 level.
Resistance2 : 9050.000 level.
Expected trading for today:
is between 7770.00 and 9050.00.
Expected trend for today :
Neutral.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5947.00.
The high of 2018 (BitcoinTrader's Year):
16046.00 / Expected.
The low of 2019: ???
The high of 2019 (Bitcoin Holder's Year):
36000.00 level / Expected.
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