Time: 8.19 A.M. / GM+2 / 16th June 2018 – Sat.
Recapitulation
Bitcoin price has stuck in the bearish channel Bordered By 6.300K - 6.700K and the market is not strong enough to break the up border as there is no buy volume, or to break the down border as the sellers have nothing to sell.
Many wonder whether the bottom has been touched ( 6.107K ) or it is just a Short Pause!
According to technical analysis, there are yet no Clear Reversal Signals, the reason why we believe, bitcoin price is most likely will continue to move inside the channel, and finally will break the down border at 6.300K, while breaking 6.300K again, will open the way to 6.039K, that will cause a panic sell to push the price 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 / 624 / we had forecast the trading range will be between 6.039K & 6.800K. The intraday low was 6.300K and the high was 6.659K.
At press time, bitcoin price is around 6.450K and our Bearish Overview remain valid, conditioned by the price stability Below 6.800K and confirmed breakdown below 6.300K, it could open the way for more declines.
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.
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.
