Time: 8.07 A.M. / GM+2 / 28th June 2018 – Thurs.
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
News of Facebook relaxing its ban on cryptocurrency advertisements has failed to cheer the crypto markets. This shows that the market participants continue to focus on the negative news while disregarding the positive news.
Blockchain venture capitalist Spencer Bogart believes that there is more pain left in the system. He expects some more selling because the hedge funds that had opened about a year ago are likely to face redemptions in near future.
Technical
In our previous post / 636 / we had forecast the trading range will be between 5.500K & 6.600K. The intraday low was 5.984K and the high was 6.192K.
The Failure of Bulls to ensure a strong bounce at the critical support 6.039K shows weakness to indicate that the buyers are still not willing to put fresh money at this level.
Positive divergence on RSI points to a relief rally but in the same time bitcoin price under continuous negative pressure by EMA50, so the price needs a Negative Motive to protects trading inside the bearish channel to can break below 5.870K once again. If the bear attempt is successful, the price will slide to 5.500K.
Bitcoin Market holds Harmonic Swings, as you can see on below chart. So we still watching for bearish continuation patterns / "222" Sell.
No Change to our bearish scenario, conditioned by the price stability Below 6.575K. 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 as the bearish trend will remain dominant on the intraday and short term unless breaching 6.575K and settling above it.
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 : 6575.000 level.
Expected trading for today:
is between 5500.00 and 6575.00.
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.
