Bitcoin Trend Series / EP. 632 / Keep An Watching Eye On Accumulated Stops Below 5.878K
Time: 8.30 A.M. / GM+2 / 23th June 2018 – Sat.
At the beginning of 2018, analysts were very bullish and had projected high targets for 2018! Many did not revise their target lower even after The Sharp Fall in this year, and as you know since Dec 2017 we was with The Bear Run, as we expected that 2018 is a Bad Year for Bitcoin Investors, while others pray for the bull.
In our post / 607 / dated on 29th May, we wrote;
We doubt the crucial support 7.100K - 7.210K area will hold as the 2 weekly bearish stop grabbers after breaking 7.614K, suggest drop below 6.519K, to test 5.878K reaching 4.300 area, where a Potential Bullish Reversal can take place.
In our last post / 631 / we wrote;
The Accumulated Stops below 5.878K will be triggered, and the price will accelerate lower, right to our destination at 4.300K Area / Butterfly "Buy" that appears on the below chart, within less than 2 weeks.
In our previous post / 631 / we had forecast the trading range will be between 6.039K & 7.090K. The intraday low was 5.910K and the high was 6.674K.
As expected the price of bitcoin broke 6.300K yesterday ( the down border ) of the bearish channel borderd by 6.300K - 6.900K reached 6.039K and went below the past low of 2018 at 5.947K.
Our first 3 targets was met and for now the way is open towards the next tragets at 5.878K & 4.300K.
No Change to our bearish scenario, conditioned by the price stability Below 6.900K and when the Accumulated Stops will be triggered below 5.878K, the price will accelerate lower, right to our destination at 4.300K Area / Butterfly "Buy"that appears on the below chart, within less than 2 weeks.
- At press time, bitcoin price is around 6.150K and our Bearish Overview remain valid, while TA signal that the bear pressure will continue.
The Last week:
- It was reported that Tokyo-based cryptocurrency exchange and five others had been handed business improvement orders from Japan’s FSA. bitFlyer, Japan’s biggest exchange, said that it was temporarily suspending its new customer account service as it worked with the agency to solve the identified problems.
- NewsBTC reported on the hack that took place at South Korean crypto exchange Bithumb. Following a change to the exchange’s wallet service, it was reported that it may have resulted in an unexpected hack. As a result, thieves were able to siphon off with over $30 million worth of cryptocurrencies.
We suggest / Bearish Trend / for today.
Support 1: 5878.000 level.
Resistance1 : 6600.00 level.
Support 2: 5500.000 level.
Resistance2 : 6900.000 level.
Expected trading for today:
is between 5878.00 and 6600.00.
Expected trend for today :
Bearish.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
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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This post has received a 8.11 % upvote from @booster thanks to: @lordoftruth.
wow more downtrend on the cards still oh noooo
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