Time: 7.53 A.M. / GM+2 / 6th July 2018 – Fri.
Recapitulation
Bitcoin received some Support on Thursday after Thailand announced the date for initial coin offering (ICO) regulations and Malta passed a series of crypto bills, but Slipped on Friday, while reports that South Korea is planning to categorize cryptocurrency exchanges as legal entities received some focus.
Bitcoin price now fluctuate within Sideways Track, keeping its stability above EMA50 inside Rising Wedge Formation shown on the below 1H chart, trying to continue the climb ( Short Term ) towards 6.842K that most likely will be followed by a decline ( Medium Term ).
- Noting that breaking 6.210K, will lead to the continuation of Harmonic Swings, as you can see on below chart. So we still waiting for bearish continuation ( Medium Term ) / "222" Sell, towards 5.500K followed by 4.300K Area, unless breaching 6.842K and settling above it.
Market Factors
NFP release today, might be a major catalyst for USD, and Strong jobs data with a hawkish Fed bias, could cause More Bullish For USD Than BTC Price.
Indian Banks regulated entities are prohibited from participating in any crypto-related transactions and the Indian government is expected to maintain its ban on crypto until the markets stabilize.
Technical
In our previous post / 644 / we had forecast the trading range will be between 6.210K & 6.842K. The intraday low was 6.423K and the high was 6.687K.
Bitcoin price has bounced off the 5.700K lows last week and is now steadily moving towards the 6.842K area, and the stability above EMA50, keeps the bullish move ( Short Term ) valid, supported by Stochastic move at the oversold areas.
This week we still need to keep an eye on Downside Tendency as if the price do not move above 6.842K, our bearish scenario ( Medium Term ) will remain valid.
Sentiment
Based on the above
The trend is Neutral for today ( Short Term ).
The trend is Bearish on Medium Term.
Support 1: 6210.000 level.
Resistance1 : 6842.00 level.
Support 2: 6.039 level.
Resistance2 : 7000.000 level.
Expected trading for today:
is between 6210.00 and 6842.00.
Expected trend for today :
Neutral.
Medium Term:
Bearish.
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.
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investing considerable time and effort up front in
hopes of considerable returns down the road.
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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.
