Recapitulation
- Bitcoin price shows calm negative trading now and positional traders should avoid trading when the range is tight and shrinking. A large well-defined range provides an opportunity to buy low and sell high, however, the BTC/USD pair is not allowing such an opportunity. This is a sign of weakness, the reason why we believe the price will resume the main bearish trend, so overall our bearish setup stands intact and chances on a drop below 6.300K increases, to the next target at 5.910K-6040K Area.
Market Factors
The recently concluded U.S. midterm elections have seen a number of pro-blockchain politicians being elected to office, which is a positive sign. Though the market movement is slow now, the future looks encouraging for the nascent asset class.
Any new technology takes time to catch up and become relevant to everyone. Even the internet took time to grow to its current scale. ConsenSys founder Joseph Lubin has said that Blockchain might “take a little longer” than the internet to reach mass adoption.
Technical
- The bearish trend is still suggested conditioned by the stability below 6.497K, and supported by EMA50.
- Note; breaching 6.497K will lead the price to 6.879K before any new attempt to a new decline.
Sentiment
The short term trend is Bearish
Support 1: 6290.000 level.
Resistance1 :6497.000 level.
Support 2: 6040.000 level.
Resistance2 : 6879.000 level.
Expected trading for today:
is between 6040.00 and 6497.00.
Expected trend for today :
Bearish.
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 substantial returns down the road.
