Bitcoin Trend Series / EP. 619 / The Next Targets

Time: 6.58 A.M. / GM+2 / 10th June 2018 – Sun.

Recapitulation

• After the decent upside move to 7.756K level, bitcoin price declined
  and moved to 7.266K, as expected. If you short with us at 7.730K - 7.750K with SL above 7.996K, its time to take some Minor Profit at 7.300K and to move SL to Breakeven at 7.750K, waiting for the next targets at 7.050K / 6.519K / 5.878K / 4.300K.

• Bitcoin Bears remain in control and we continue to hold our view that, the large range between 4.267K & 14.469K For 2018 will be in play.

Technical

• In our previous post / 618 / we had forecast the trading range will be between 7.050K and 7.996K. The intraday high was 7.680K and the low was 7.266K.

• At press time, bitcoin is trading around 7.300K and the chances is valid to achieve more decline, supported by MACD & RSI.

• The 2 weekly bearish stop grabbers suggest drop below 6.519K, to test 5.878K reaching 4.300 area.

• The Same Destination point of the above Butterfly "Buy". The potential bullish reversal location.

Sentiment

• The decline will resume, as long as the price below 7.996K - 8.075K Area. So we might see a stronger move to the downside in the next week.

• Note; Confirmation of a change in short term bearish trend will be
  on a breakout and close above 7.996K.

Based on the above
We 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 !!! / 4267.00 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.
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If You are New in Trading  --> Read Trading Education Center / Volume I.    

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

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