Recapitulation
- Bitcoin price continues to fluctuate around 5.500K and it is still under pressure, the reason why we believe the price will resume the main bearish trend supported by EMA50 and Stochastic , 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
- BTC shall make up half of the ETF opening up doors for institutions to pour their money into a product that meet the same stringent measures as traditional ETF. Overly, the market is expectant that the SEC might go ahead and approve the Van Eck ETF as that will perhaps be the only route to tame and satisfactorily regulate the crypto market.
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.
In 2017 Bitcoin Price went from 5.5k to 19k in 33 days! So, it is not impossible in 2019 !!!
Read Full Article
Technical
- The bearish trend is still suggested conditioned by the stability below 5.880K.
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 5880.00.
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.
