Time: 8.30 A.M. / GM+2 / 14th June 2018 – Thurs.
Recapitulation
Our first 2 targets / 7.050K & 6.519K Had Been Met / and bitcoin price continued yesterday, the drop with strong negativity to test the Area 6.039K - 6.200K, where we expect a recovery attempt ( Rejection at 6.107K ) that most likely will be Limited to 6.800K.
The Bear Run is not in its last leg and most likely the recovery will be followed by further losses.
Note; A clear break below 6.039K, will try to push the price to fall under negative pressure provided by EMA50 towards our next targets at 5.878K & 4.267K to build our expected Butterfly "Buy" ( The potential bullish reversal location).
Technical
In our previous post / 622 / we had forecast the trading range will be between 6.200K & 7.150K. The intraday high was 6.611K and the low was 6.107K.
At press time, bitcoin price settles around 6.450K. RSI is ready to pull up and Stochastic indicate sellers are getting exhausted to signals a Recovery Attempt could be on the card.
Long-term investors should not be in a hurry to add 6.039K levels. Most likely, the next level where they will add is closer to 4.300K, as all Barriers Were Crushed, and market probably will gravitate to 5.878K. So 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 7.050K and only breaching 7.050K can stop our expected decline towards Major Support 4.267K.
Sentiment
Based on the above
We suggest / Bearish Trend / for today.
Support 1: 6039.000 level.
Resistance1 : 6800.00 level.
Support 2: 5878.000 level.
Resistance2 : 7050.000 level.
Expected trading for today:
is between 6039.00 and 6800.00.
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.
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investing considerable time and effort up front in
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If You are New in Trading --> Read Trading Education Center / Volume I.
What You Know About --> Fibonacci Retracement in Trending Market.