Bitcoin Trend Series / EP. 593 / The Next Support / Steem Bounty Reward
Time: 8.17 A.M. / GM+2 / 15th May 2018 – Tues.
In our 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 no change in our short term forecast as we still expect some losses eventually towards / The Next Support 7.770K.
- The possibility that Mt. Gox will short another set of bitcoin to pay off its creditors, keeping Bitcoin Market on Edge as an around 8.000 Bitcoins Are Still Up For Selling.
- The failed attempt at breaking 9.050K has drawn More Selling Pressure and spooked some bulls. However, positive updates in the industry are still popping up and could ultimately allow the climb to resume.
In our previous post / 592 / we had forecast the trading range will be between 7.770K and 9.050K. The intraday high was 8.884K and the low was 8.271K.
Bitcoin price keeps its negative stability below 9.050K and EMA50 keeps pushing the price negatively, which keeps the Correction Scenario Valid, which its next target located at 7.770K.
RSI show the sellers have the upper hand and Stochastic on its way out of the overbought area, so strong selling momentum could take bitcoin price to the 100% extension around 7.770K.
Based on Price Behavior Around 8.643K, we think that downside action should continue to 7.770K to become a right arm of Our Reverse H&S Pattern.
Note; Our forecast will be vanished, if market move above 9.800K and confirm that an uptrend is taking place.
Support 1: 8367.000 level.
Resistance1 : 9050.00 level.
Support 2: 7770.000 level.
Resistance2 : 9800.000 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.
/ Project by @knircky & @famunger /
You must write a comment to the this post.
investing considerable time and effort up front in
hopes of considerable returns down the road.
I'm so proud of my little blog, and so grateful to all of you
for support to keep it going.
That's a pretty big trading range.
its looking like your original forecast was right. Im happy i waited to buy in. i think ill buy in around 7.9 k. thanks for the great analysis
followed you to be able to get updates on the next episodes of the trend series.
dear @lordoftruth
In fact Bitcoin will sometimes increase the price of Bitcoin, sometimes Bitcoin prices decrease, so many losses have to face.
IDK i will just stay away from bitcoin
great....... @lordofteuth
bitcoin trend is most most important series......
this news is very very valueable....
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Bitcoin Trend Series is a effective and important series for every trader.....@lordoftruth.. For this series i mostly support you
Good cryptocurrency update..........