Time: 8.25 A.M. / GM+2 / 11th June 2018 – Mon.
Recapitulation
In our post / 607 / dated on 29th May, we wrote;
Bitcoin is at a Critical Junction after breaking 10 month trend line support around 7.614K and we doubt the crucial support 7.100K - 7.210K area will hold.
As we expected, the crucial support was broken after testing the high of July at 7.756K level, and our first target at 7.050K Has Been Met, to open the way to our targets at / 6.519K / 5.878K / 4.267K.
If you short with us at 7.730K - 7.750K, you are in the right direction as Bitcoin Bears remain in control and we continue to hold our view that, The Large Range between 4.267K & 14.469K will be in play in 2018.
Market Factors
Bitcoin Markets can be volatile due the highly anticipated summit on Tuesday in Singapore between Donald Trump and Kim Jong Un. Special attention on the US Dollar and more caution this week is needed.
Some Exchanges see this as beneficial and already Gemini is bending and willing to work with US regulators.
Steve Wozniak of Apple believes Bitcoin’s architecture and overall modus operandi places it at a better position to continue being a digital gold. These endorsement from influencers is good news for BTC.
Technical
In our previous post / 619 / we had forecast the trading range will be between 7.050K and 7.996K. The intraday high was 7.324 and the low was 6.618K.
Bitcoin price traded with Strong Negativity to succeed surpassing our first target at 7.050K and settles below it, paving the way to head towards our next targets at 6.519 / 5.878K / 4.267K.
At press time, bitcoin is trading around 6.800K and the chances is valid to achieve more decline, as sellers continue with their drive towards 4.267K.
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
Based on the above
We suggest / Bearish Trend / for today.
Support 1: 6519.000 level.
Resistance1 : 7614.00 level.
Support 2: 5878.000 level.
Resistance2 : 7996.000 level.
Expected trading for today:
is between 6200.00 and 7150.00.
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.
