Bitcoin Trend Series / EP. 592 / The Last Slump / Steem Bounty Reward

Time: 8.29 A.M. / GM+2 / 14th May 2018 – Mon.

• The Prev. Daily Close was below 8.643K as expected, to put bitcoin price under the negative pressure again so bears still have the upper hand and bulls are likely being cautious, as we wrote in our last post / 591 /:

- If bitcoin price move below 8.367K ( Daily Close ) we could see 7.770K ( most likely ).

- If bitcoin price move above 8.643K ( Daily Close ) we could see 9.460K at 0.382 fib.

• No change in our short term forecast as we still expect some losses eventually towards 7.770K before any new attempt to rise.

• In our previous post / 587 / we wrote: Retracement will be on Waves towards / 8.832K / 8.573K / 8.367K / 7.770K. The first 3 targets 8.832K / 8.573K / 8.367K was met and we believe further losses are expected eventually towards 7.770K as our forecast in our previous post / 576 /
  to build our inverted head and shoulders pattern.

Market Factors

• Bitcoin updates last week have been mixed, with a rough start on Buffet’s remarks and a bit of a pickup on news that ICE is getting ready to launch a bitcoin trading platform.

• Bitcoin futures led to the last slump, which kept investors on edge that further bitcoin products could draw more selling action.

• Bitcoin tested the 8.643K, gained roughly around $400 , so it’s hard to say, this was a truly recovering, the reason why we believe that bears are eager to extend the correction.

Technical

• In our previous post / 591 / we had forecast the trading range will be between 7.770K and 9.050K. The intraday high was 8.760K and the low was 8.318K.

• Bearish wave for today is expected especially that stochastic shows clear overbought signals now, besides the price move below the EMA50.

• No change in our short term forecast as we still expect some losses eventually towards 7.770K / Buying Opportunity.

Sentiment

We will still suggest / The Neutral Trend / for today.

Support 1: 8367.000 level.
Resistance1 : 8643.00 level.

Support 2: 7770.000 level.
Resistance2 : 9050.000 level.

Expected trading for today:
is between 7770.00 and 9050.00.

Expected trend for today :
Neutral.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
5947.00.

The high of 2018 (BitcoinTrader's Year):
16046.00 / Expected.

The low of 2019: ???

The high of 2019 (Bitcoin Holder's Year):
36000.00 level / Expected.

Remember in order to qualify for a @steem-bounty reward
/ Project by @knircky & @famunger /
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