Time: 8.32 A.M. / GM+2 / 4th June 2018 – Mon.
Recapitulation
Two weeks ago we've mentioned a reverse H&S pattern and we said that, "Keeping of this H&S will mean upside reversal while break below 7.8K at 5/8 Fib level will mean downside continuation" and as the 7.8K was broken, our bear view is still active.
Bitcoin price has formed Higher Lows & Higher Highs to consolidate inside a rising wedge pattern, so a break below could lead to a drop, while a move past resistance at 7.910K could lead to a rally, But Most Likely bitcoin price will still driven by the 2 weekly Bearish Stop Grabbers to reach 4.300k area, the Same Destination point of the Butterfly "Buy".
Market Factors
- There are No Major Reports from US economy this week and it’s worth noting that the currency shrugged off upbeat NFP data.
Technical
In our previous post / 612 / we had forecast the trading range will be between 6.915K and 7.915K. The intraday high was 7.630K and the low was 7.779K.
RSI & Stochastic signal that bears have the upper hand, to lead the price towards our first target at 6.519K.
At press time, bitcoin is trading around 7.700K 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.
The 2 weekly bearish stop grabbers 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 that 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.
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.
