Time: 7.51 A.M. / GM+2 / 9th June 2018 – Sat.
Recapitulation
At the beginning of 2018, analysts were very bullish and had projected high targets for 2018. Many did not revise their target lower even after The Sharp Fall in this year.
We continue to hold our view that the large range between 4.267K & 14.469K For 2018 is still in play.
Traders Should Wait for a clear break above 7.996K or below 7.050K to initiate positions.
Short term bearish trend remain valid. Probably, the Game Changer of the short term bearish trend will be the entry of institutional investors, as various firms are laying their groundwork to benefit from the influx of big money.
Market Factors
The entire world will be watching the G7 Meetings in Quebec this weekend.
The presence of President US Donald Trump will have everyone on high alert, especially since he has slapped most of the present members with fresh tariffs.
A Key Issue yet to solve is that the U.S. Securities and Exchange Commission (SEC) has not decided which cryptocurrencies are to be considered securities.
Bitcoin Community may have done a fair bit of Buffett-bashing and Dimon-drubbing, the two legends in finance and possess vast knowledge especially when it comes to traditional finance.
Technical
In our previous post / 617 / we had forecast the trading range will be between 7.050K and 7.996K. The intraday high was 7.685K and the low was 7.543K.
Both the moving averages and RSI are falling, which is a negative sign, the reason why bitcoin price can fall to 7.317K & 7.050K.
No important bullish indications, though, we still think that a move up can’t be ruled out, so he bearish trend remain active Without Any Change.
At press time, bitcoin is trading around 7.650K and the chances is valid to achieve more decline.
- 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 above Butterfly "Buy". The potential bullish reversal location.
Sentiment
The decline most likely will resume and the Situation Still Bearish, as long as the price below 7.996K - 8.075K Area. So we might see a stronger move to the downside in the next 2 weeks.
Note; Confirmation of a change in short term bearish trend will be on a breakout and close above 7.996K.
Based on the above
We suggest / Bearish Trend / for today.
Support 1: 7050.000 level.
Resistance1 : 7996.00 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.
