Time: 8.24 A.M. / GM+2 / 23rd Aug 2018 –Thurs.
Recapitulation
- We wrote in our previous post :
If a new ETF Proposal gets rejected again, we might witness another downward move, and if an ETF proposal is approved, bitcoin markes will jump higher !
- Bitcoin price is pulling back after its recent surge to 6.899K due
to the sold off after the SEC Rejection Of ETF Applications.
Market Factors
SEC rejected bitcoin ETF applications filed by ProShares, leading investors to worry that the next batch probably won’t be approved as well.
This rejecteion puts Crypto Market a step back in terms of getting more support from regulators and seeing securities based on digital assets
for now.
Technical
In our previous post / 681 / we had forecast the trading range will be between 6.400K & 6.964K. The intraday low was 6.250K and the high was 6.730K.
Bitcoin price approached to 6.964K yesterday and moved strongly around this solid resistance to 6.400K, the reason why we believe the price will resume the Bearish Trend !
Conform 4H Chart, we mostly expect downside action to 6.330K, followed by 6.039K and 5.782K due to SEC rejection of ETF applications.
RSI signal a return in buying pressure, and Stochastic indicate that a downtrend could take place.
Sentiment
The trend is Bearish, unless breaching 6.964K and holding above it
Support 1: 6039.000 level.
Resistance1 : 6680.00 level.
Support 2: 5782.000 level.
Resistance2 : 6964.000 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:
5782.00 / Fundamental Barrier / Done.
The high of 2018:
11700.00 / Expected!
The low of 2019:
6600.00 / Expected!
The high of 2019:
25000.00 / Expected!
Writing a series means playing a long game,
investing considerable time and effort up front in
hopes of considerable returns down the road.
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YOU SHOULD NOT TAKE ANY MATERIAL POSTED ON THIS BLOG AS RECOMMENDATIONS. TO BUY OR SELL BITCOIN OR ANY OTHER INVESTMENT VEHICLE LISTED.
If You are New in Trading --> Read Trading Education Center / Volume I.
What You Know About --> Fibonacci Retracement in Trending Market.