Bitcoin Trend Series / EP. 609 / Trade War
Time: 8.25 A.M. / GM+2 / 31th May 2018 – Thurs.
Bitcoin price did not show any strong move since yesterday to kept its Stability Below EMA50, so our bearish scenario remain active, unless breaching 7.910K, and suggest surpassing the crucial support 7.100K - 7.210K to continue the decline toward our First Target at 6.519K Within 1-2 Weeks.
If the price breaks the 7.614K barrier, it could easily rally towards 7.910K level, before any new decline but will not cancel our Bearish Scenario. Keep in mind that we need a break above 8.643K level to confirm any bullish reversal.
At press time, bitcoin is trading around 7.480K and the chances is still valid to achieve more decline to extend losses to reach 6.519K - 5.878K - 4.300K as long as the price Below 7.910K.
If you take a look, we can see that February was bullish, March was bearish, April was bullish and May was bearish. June is near,Will The Cycles Continue!! Yes, a reversal may occur but not before testing the new low of 2018.
The blowout / Political Crisis & Trade Tensions / in the Italian bond market yesterday, in a strange way was as a Disney Movie. It was out of place and unhelpful as it was unjustified, while investors were relieved by reports that Italian President Sergio Mattarella would find a way to create a new government and avoid fresh elections.
Keep an eye out for any headlines regarding the Trade War and any potential consequences as with Trump at the helm of the negotiation, it's never really clear how this might progress over the next week.
In our previous post / 608 / we had forecast the trading range will be between 6.915K and 7.614K. The intraday high was 7.552K and the low was 7.270K.
Bitcoin price looks ready to Resume The Drop and a continuation of the slide could take it down below 6.519K to 78.6% around 6.300K. While stronger selling pressure could move it to 100% extension at 5.947K.
The 2 weekly bearish stop grabbers ( G seen on chart ) after breaking 7.614K, suggest drop below 6.519K, to test 5.878K reaching 4.300 area, where Long Term Traders Should Wait this level as potential bullish reversal.
Technical indicators reflect some bearish exhaustion, but the bearish trend remain valid conditioned by Stability Below 7.910K and the most important level at 8.643K.
We will suggest / Bearish Trend / for today.
Support 1: 6519.000 level.
Resistance1 : 7614.00 level.
Support 2: 5878.000 level.
Resistance2 : 7910.000 level.
Expected trading for today:
is between 6915.00 and 7910.00.
Expected trend for today :
Bearish.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5947.00 !!! / 4300.00 Expected.
The high of 2018 (BitcoinTrader's Year):
14469.00 / Expected.
The low of 2019: ???
The high of 2019 (Bitcoin Holder's Year):
36000.00 level / Expected.
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100% Correction would not be good. If this occurs, there will be a new low of 2018. But I'm full of hope, because on the other hand, we have a sequence of higher lows.
This post has received a 11.70 % upvote from @booster thanks to: @lordoftruth.
more big spikes are needed to go beyond but lets see what bitcoin and people emotions have for us
Keep up the good work @lordoftruth.
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