Time: 8.09 A.M. / GM+2 / 6th June 2018 – Wed.
Recapitulation
Positive fundamentals pushed bitcoin price to rebound from 7.372K, erasing most of yesterday's losses:
Twitter founder Jack Dorsey's recent comment that he hopes bitcoin might become the internet's Native Currency.
Apple co-founder Steve Wozniak told CNBC that he too hopes bitcoin will become the single global currency.
So the Upside Move is in Progress but we believe, should be limited
to 7'996 - 8'075 area as on the below chart and after reaching this level most likely Bears Will Return in Full Swing, supported by stochastic, which its targets 7.100K - 7.210K, to be followed by calm decline towards 6.519K, while a Panic Sell Below 7K could open the doors for price decline below 5.947K before plunging to 4.300K, the Potential Bullish Reversal Location.
Technical
In our previous post / 614 / we had forecast the trading range will be between 7.050K and 7.650K. The intraday high was 7.675K and the low was 7.372K.
At press time, bitcoin is trading around 7.600K and the chances is still valid to achieve more decline, after the end of upside move progress Around 7.996K - 8.075K Area, to extend losses to reach 6.519K - 5.878K - 4.300K, supported by the 2 weekly bearish stop grabbers that suggest drop below 6.519K, to test 5.878K reaching 4.300 area, the Same Destination point of the above Butterfly "Buy".
Sentiment
- No one knows the future. Technical analysis help us to maximize probabilities, while Equity Management help us to stay on the positive side.
Based on the above
We will suggest / Bearish Trend / for today.
Support 1: 7050.000 level.
Resistance1 : 7650.00 level.
Support 2: 6519.000 level.
Resistance2 : 8075.000 level.
Expected trading for today:
is between 7050.00 and 7996.00.
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.
