Bitcoin Trend Series / EP. 668 / The Selloff Mode

Time: 8.55 A.M. / GM+2 / 9th Aug 2018 – Thurs.

Recapitulatin

• Technically our major weekly target stands at 4.444K, the butterfly target, that we've mentioned in our post / 648 / !

• Fundamentally, we've estimated that Bitcoin Breakeven Mining Expense stands around 5782$/BTC, in our post / 653 / !

• It means that the 5.782K level is the Fundamental Barrier, the reason why we believe that bitcoin price will be difficult to test 4.444K!
  But if the price Technically Break 5.782K, bitcoin price will test 4.444K as on the above weekly chart but the price hardly will hold below the fundamental barrier For Too Long !

Market Factors

• Many blame the SEC Announcement to delay their decision on bitcoin ETF applications to September as another factor keeping uncertainty in play for bitcoin market.

• Bitcoin market is already in Selloff Mode, so the pickup in risk aversion escalated the FUD sentiment weighing on bitcoin and its peers.

Technical

• In our previous post / 667 / we had forecast the trading range will be between 6.039K & 6.900K. The intraday low was 6.128K and the high was 6.559K.

• Bitcoin price showed Serious Decline and fluctuate around 6.300K for now, as we expected in our previous post / 667 / after touched the Bearish Channel’s Support shown on the below 4H chart, the reason why we think, bitcoin price will face a Temporary Bullish Bias before resuming its Decline Toward 6.039K, supported by negative pressure formed by EMA50.

• RSI signal that buyers are taking over, and Stochastic signal that sellers might take a break.

Sentiment

The trend is Bearish unless breaching 6.800K and holding above it.

Support 1: 6039.000 level.
Resistance1 : 6610.00 level.

Support 2: 5782.000 level.
Resistance2 : 7150.000 level.

Expected trading for today:
is between 5782.00 and 6610.00.

Expected trend for today :
Bearish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
5782.000 / Fundamental Barrier.

The high of 2018:
11700.00 / Expected.

The low of 2019:
6600.00 / Expected.

The high of 2019:
36000.00 / Expected.

YOU SHOULD NOT TAKE ANY MATERIAL POSTED ON THIS BLOG AS RECOMMENDATIONS. TO BUY OR SELL BITCOIN OR ANY OTHER INVESTMENT VEHICLE LISTED.

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