Time: 9.32 A.M. / GM+2 / 24th Aug 2018 –Wed.
Recapitulation
- Bitcoin price tested 6.566K yesterday and attempted to hold above 6.500K but it returns below it, which keeps the bearish trend active until now, as bitcoin market has not reaced H&S target and dropped below neckline and this is bad for bulls and might lead to total collapse of H&S.
Market Factors
- Reports that the SEC is getting ready to review the recently rejected set of bitcoin ETF applications gave traders hope again that an approval could be in the works or at least a longer review period.
Technical
In our previous post / 682 / we had forecast the trading range will be between 6.039K & 6.800K. The intraday low was 6.359K and the high was 6.566K.
Breaking 6.260K will motivate the price to resume bearish trend to 6.039K, while breaching 6.680K will push the price to visit 6.964K before any decline again.
Conform 4H Chart, we mostly expect downside action to 6.260K, followed by 6.039K and 5.782K.
RSI signal that sellers have the upper hand , and Stochastic signal that buyers are eager to return.
Sentiment
The trend is Bearish, unless breaching 6.964K and holding above it
Support 1: 6260.000 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!
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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.