Time: 8.17 A.M. / GM+2 / 27th 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.
- In our post / 631 / we wrote;
The Accumulated Stops below 5.878K will be triggered, and the price will accelerate lower, right to our destination at 4.300K Area / Butterfly "Buy" that appears on the below chart, within less than 2 weeks.
- Our Final Target around 4.300K has not been reached yet. Keep in mind 4.300K area is the point where bitcoin price should gravitate to, and the below Butterfly most likely will finalize this action.
Market Factors
Researchers from the Stevens Institute of Technology in Hoboken, New Jersey, led by assistant professor of information systems Feng Mai, have found that Bitcoin’s value has been (although perhaps unintentionally) manipulated by public sentiment. The findings verify something that people have been considering for some time now, that that social media presence and Bitcoin prices are linked.
- Federal Reserve Economic Data (FRED) website, run by the St. Louis Fed, has taken a massive step towards legitimizing cryptocurrencies in the eyes of the financial world by adding price tracking graphs for Bitcoin, Bitcoin Cash, and Ethereum, and Litecoin.
Technical
In our previous post / 635 / we had forecast the trading range will be between 5.500K & 6.600K. The intraday low was 6.026K and the high was 6.280K.
Bitcoin price start today to press 6.039K, supported by EMA50, and we wait for more decline below 5.878K again. As a lot of stops could be accumulated below this important level. Once they will be triggered, bitcoin price could accelerate lower, right to our final target.
Bitcoin Market holds Harmonic Swings pretty nice, as we can see from the below chart. So the only strategy that could be applied is watching for bearish continuation patterns, such as "222" Sell.
No Change to our bearish scenario, conditioned by the price stability Below 6.842K. So we still wait for more losses towards 5.500K followed by 4.300K Area / Butterfly "Buy" the final destination and the potential bullish reversal location.
At press time, bitcoin price is around 6.100K and our Bearish Journey continues.
Sentiment
Based on the above
We suggest / Bearish Trend / for today.
Support 1: 5878.000 level.
Resistance1 : 6250.00 level.
Support 2: 5500.000 level.
Resistance2 : 6842.000 level.
Expected trading for today:
is between 5500.00 and 6600.00.
Expected trend for today :
Bearish.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
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.
