Bitcoin Trend Series / EP. 614 / Calm Decline After Upisde Retracement

Time: 8.05 A.M. / GM+2 / 5th June 2018 – Tues.

Recapitulation

As expected the bull was unable to sustain the momentum, and in the same time RSI & Stochastic indicating a bounce to the upside may be in order. But most likely the upisde retracement on hourly chart will be Limited to 7.996K- 8.075K area ( The key condition to continue the decline ) while our bearish scenario still active which its targets 7.100K - 7.210K, followed by calm decline towards 6.519K, while a Panic Sell Below 7K could open the doors for price decline below 5.947K before plunging to 4.300K, the potential bullish reversal location.

Technical

• In our previous post / 613 / we had forecast the trading range will be between 6.915K and 7.915K. The intraday high was 7.706K and the low was 7.400K.

• At press time, bitcoin is trading around 7.450K 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 7.996K - 8.075K Area, supported by the 2 weekly bearish stop grabbers that suggest drop below 6.519K, to test 5.878K reaching 4.300 area, the Same Destination point of the above Butterfly "Buy".

Sentiment

Based on the above
We will suggest / Bearish Trend / for today.

Support 1: 7050.000 level.
Resistance1 : 7650.00 level.

Support 2: 6519.000 level.
Resistance2 : 8075.000 level.

Expected trading for today:
is between 7050.00 and 7650.00.

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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What You Know About --> Fibonacci Retracement in Trending Market.   

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