Time: 8.10 A.M. / GM+2 / 13th June 2018 – Wed.
Recapitulation
In our post / 607 / dated on 29th May, we wrote;
We doubt the crucial support 7.100K - 7.210K area will hold as the 2 weekly bearish stop grabbers after breaking 7.614K, suggest drop below 6.519K, to test 5.878K reaching 4.300 area, where a Potential Bullish Reversal can take place.
Bitcoin price is moving to filling of our first 2 targets / 7.050K & 6.519K Had Been Met / as expected, after testing the High of July at 7.756K on the current Bloody Week, to open the way to our next targets at 5.878K and 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.
Technical
In our previous post / 621 / we had forecast the trading range will be between 6.200K and 7.150K. The intraday high was 6.868K and the low was 6.436K.
At press time, bitcoin price settles around 6.600K and resumes its negative trading gradually towards our third target at 5.878K, supported by negative pressure formed by EMA50 and Stochastic.
As all Barriers Were Crushed, market probably will gravitate to 5.878K, and the chances is valid to achieve more decline, as sellers continue with their drive towards Major Support at 4.267K.
Our Bearish Overview remain valid as long as the price Below 7.210K and only breaching 7.210K can stop our expected decline towards major support 4.267K to build our expected Butterfly "Buy". The potential bullish reversal location.
Sentiment
Based on the above
We suggest / Bearish Trend / for today.
Support 1: 6200.000 level.
Resistance1 : 7210.00 level.
Support 2: 5878.000 level.
Resistance2 : 7614.000 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.
