Time: 7.55 A.M. / GM+2 / 3rd June 2018 – Sun.
Recapitulation
Bitcoin price dipped lower on Friday, falling to a one week low and it is on the up move again to an important barrier at 7.650K. But overall picture has not changed, looks bearish and bitcoin price is driven by the 2 weekly Bearish Stop Grabbers to reach 4.300k area, the Same Destination point of the Butterfly "Buy".
Market Factors
- Bitcoin price has struggled to maintain ground after falling last week amid reports that the U.S. Justice Department is looking into whether traders are manipulating the price of Bitcoin.
- The International Monetary Fund thinks that central banks should regulate cryptocurrency assets to keep the digital coins from having an unfair competitive advantage.
- Israel is considering postponing a law that would regulate cryptocurrency exchanges for four months.
Technical
In our previous post / 611 / we had forecast the trading range will be between 6.915K and 7.614K. The intraday high was 7.698K and the low was 7.460K.
At press time, bitcoin is trading around 7.650K and the chances is still valid to achieve more decline to extend losses to reach 6.519K - 5.878K - 4.300K as long as the price Below 7.910K.
Bitcoin price has to break the 7.770K and 7.830K resistance levels to trade further higher. On the flip side, the downside move, will lead the price towards our targets.
The 2 weekly bearish stop grabbers after breaking 7.614K, suggest drop below 6.519K, to test 5.878K reaching 4.300 area, the Same Destination point of the Butterfly "Buy".
Sentiment
We still expect the market to give in to bears for a Down Swing, and bitcoin price will surpass 7.100K - 7.210K to drop steadily towards 6.519K and the Panic Sell Below 7K could open the doors for price decline below 5.947K before plunging to 4.300K, the potential bullish reversal location and the next bullish momentum should come in Q3/2018.
Based on the above
We will suggest / Bearish Trend / for today.
Support 1: 6915.000 level.
Resistance1 : 7770.00 level.
Support 2: 5878.000 level.
Resistance2 : 7910.000 level.
Expected trading for today:
is between 6915.00 and 7910.00.
Expected trend for today :
Bearish.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5947.00 !!! / 4300.00 Expected.
The high of 2018 (BitcoinTrader's Year):
14469.00 / 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.
Writing a series means playing a long game,
investing considerable time and effort up front in
hopes of considerable returns down the road.
I'm so proud of my little blog, and so grateful to all of you
for support to keep it going.
If You are New in Trading --> Read Trading Education Center / Volume I.
What You Know About --> Fibonacci Retracement in Trending Market.
