Time: 8.45 A.M. / GM+2 / 22th May 2018 – Tues.
Bitcoin Trend reached today 600 Posts / Milestone, thanks for great support, as it would be impossible without you! We made it series, we made it like Tv, we made it easy, to portray our thoughts and ideas on the subject which may s be used as a Tool For The Reader.
We do not accept responsibility for being incorrect in my speculations on Bitcoin Trend, as no one knows tomorrow's price or circumstance. Do Your Own Due Diligence.
Recapitulation
The selloff pushed bitcoin price to tested 7.925K ( 50% Retracement of pre april rally low of 6.425K ) on May 18 attracted by a Strong Buying Interest. The reason why bitcoin price has recovered decently reaching the immediate resistance at 8.643K yesterday, which limits the upside potential since last Wednesday, but still holding above 7.925K, as our forecast in our post / 576 /.
Bitcoin price now Resists The Bearish Scenario and makes fresh attempts to resume the rally, trying to make a clear break above 8.643K area to climb back towards 9.279K ( 38.2% extension ) supported by H4 invetred H&S pattern and and H1 invetred H&S pattern.
Market Factors
Despite Consensus 2018 failed to inspire an impressive rally in the bitcoin market, the industry continues to look healthier and more consistent.
Bitcoin price is most likely ready for a rally at this stage, and **The Downside Risks Are Limited To 7.925K. Considering that bitcoin acceptance continues to grow, and more institutional investors engage in this industry, following a possible deeper retreat, bitcoin market will attract decent demand.
Technical
In our previous post / 599 / we had forecast the trading range will be between 7.770K and 8.643K. The intraday high was 8.643K and the low was 8.253K.
Bitcoin price shows sideways and tight trading since yesterday, to stay stable below 8.643K, and no change to our Slighty Bullish Overview as most likely one of our below two invetred H&S patterns have a big chances to work to push the price up, at least to 11.250K.
- Note; Breaking The Crucial Support 7.770K will mean that two H&S patterns will fail and will lead the price to new decline below 6.519K lows, supported by 2 weekly bearish stop grabbers.
Sentiment
As we believe that H4 / H&S or H1 / H&S will work, So the 7.925K was interesting for a long position and in the same time It means 8.174K- 8.250K is another interesting area for a long position.
Support 1: 8174.000 level.
Resistance1 : 8643.00 level.
Support 2: 7925.000 level.
Resistance2 : 9279.000 level.
Expected trading for today:
is between 7925.00 and 8643.00.
Expected trend for today :
Slighty Bullish.
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.
YOU SHOULD NOT TAKE ANY MATERIAL POSTED ON THIS BLOG AS RECOMMENDATIONS. TO BUY OR SELL BITCOIN OR ANY OTHER INVESTMENT VEHICLE LISTED.
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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.