Bitcoin Trend Series / EP. 616 / Up Correction Within Larger Decline

Time: 7.59 A.M. / GM+2 / 7th June 2018 – Thurs.

Recapitulation

• Bitcoin moved up ( Low volume is a cause for concern for the bull ) as expected to 7.756K but the up move most likely will stop around 7'996 - 8'075 Area.

• The tight range dominate Bitcoin price, that fluctuates around EMA50, while the declining volume seems to be a Classic Bearish Indication, the reason why we believe the current rally will be short-lived.

Technical

• In our previous post / 615 / we had forecast the trading range will be between 7.050K and 7.996K. The intraday high was 7.756K and the low was 7.491K.

• The recent move up, is a Correction Within Larger Decline. No important bullish indications, though, we still think that a move up can’t be ruled out.

• At press time, bitcoin is trading around 7.700K and the chances is still valid to achieve more decline, after the end of upside move progress Around 7.996K - 8.075K Area, to extend losses to reach 6.519K - 5.878K - 4.300K, 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

• The decline most likely will resume and the Situation Still Bearish, so we might see a stronger move to the downside in the next 2 weeks.

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

Support 1: 7050.000 level.
Resistance1 : 7996.00 level.

Support 2: 6519.000 level.
Resistance2 : 8075.000 level.

Expected trading for today:
is between 7050.00 and 7996.00.

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.

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 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.

If You are New in Trading  --> Read Trading Education Center / Volume I.    

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

If You Like To Read About Syrian War --> Click Here!