Time: 6.58 A.M. / GM+2 / 10th June 2018 – Sun.
Recapitulation
After the decent upside move to 7.756K level, bitcoin price declined
and moved to 7.266K, as expected. If you short with us at 7.730K - 7.750K with SL above 7.996K, its time to take some Minor Profit at 7.300K and to move SL to Breakeven at 7.750K, waiting for the next targets at 7.050K / 6.519K / 5.878K / 4.300K.Bitcoin Bears remain in control and we continue to hold our view that, the large range between 4.267K & 14.469K For 2018 will be in play.
Technical
In our previous post / 618 / we had forecast the trading range will be between 7.050K and 7.996K. The intraday high was 7.680K and the low was 7.266K.
At press time, bitcoin is trading around 7.300K and the chances is valid to achieve more decline, supported by MACD & RSI.
- 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 will resume, as long as the price below 7.996K - 8.075K Area. So we might see a stronger move to the downside in the next week.
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 !!! / 4267.00 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.
