Bitcoin Trend Series / EP. 627 / Tight Trading
Time: 8.34 A.M. / GM+2 / 18th June 2018 – Mon.
In our previous post / 626 / we had forecast the trading range will be between 6.039K & 6.800K. The intraday low was 6.370K and the high was 6.573K.
100 SMA is below 200 SMA, so The Selloff is more likely to resume than to reverse.
RSI refelect that, the sellers still have energy to push the price for a break below 6.300K.
Stochastic provides negative overlapping signal now.
Bitcoin price shows Tight Trading as expected and still No Positive Sign to can break the up border 6.700K as there is no buy volume and Long-term investors should not be in a hurry to add 6.519K or 6.039K levels.
Bitcoin price is most likely will continue to move inside the channel Bordered By 6.300K - 6.700K, trying to break the down border at 6.300K, while breaking 6.300K again will push the price to 5.947K, and a breakdown below this level, will push bitcoin price to Fall Off The Cliff towards our next targets at 5.878K followed by 4.267K Butterfly "Buy"
( The potential bullish reversal location).
Dollar Strength kicked into high gear when Trump administration imposed tariffs on Chinese goods. Further escalation of these tensions could keep traders flocking to the safe haven dollar and away from bitcoin.
At press time, bitcoin price is around 6.400K and our Bearish Overview remain valid, conditioned by the price stability Below 6.800K.
We suggest / Bearish Trend / for today.
Support 1: 6039.000 level.
Resistance1 : 6800.00 level.
Support 2: 5878.000 level.
Resistance2 : 7050.000 level.
Expected trading for today:
is between 6039.00 and 6800.00.
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.
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6.5 k support is getting weaker day by day low hopes for new high right now