Recapitulation
- Bitcoin price declined sharply yesterday to surpass our negative targets at 5.910K-6040K Area , and it settles around 5.527K , after testing 5.300K , 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 5.300K increases, to the next target at 5.000K as a next main station.
Market Factors
- After months of stability, cryptocurrencies are under a renewed bear attack, as total market capitalization has again dipped below $188 billion. The current sell-off comes after months of range bound trading on markets. This is a negative sign because it shows that, after a period of relative balance, sellers have gained the upper hand.
Technical
- The bearish trend is still suggested conditioned by the stability below 5.880K.
- Bulls are trying to push prices back to 5.880K but every small pullback is being met with a fresh wave of selling.
Sentiment
The short term trend is Bearish
Support 1: 5300.000 level.
Resistance1 :5880.000 level.
Support 2: 5000.000 level.
Resistance2 : 6039.000 level.
Expected trading for today:
is between 5300.00 and 5900.00.
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.
