Bitcoin Trend Series / EP. 669 / Crypto Market Bleeding

Time: 8.15 A.M. / GM+2 / 10th Aug 2018 – Fri.

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 !

• 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

• The crypto market seems to be behaving like one big pump and dump. While the Negative ETF news sent Bitcoin price and the Alts down with it, to make Crypto Market Bleeding.

• Commonwealth Bank of Australia has won a mandate from the World Bank to arrange a pioneering bond issue to be created and run using only blockchain, aiming to simplify capital raising and trading.

Technical

• In our previous post / 668 / we had forecast the trading range will be between 5.782K & 6.610K. The intraday low was 6.183K and the high was 6.628K.

• Bitcoin price extended losses to 6.183K and is currently rebounding on the road to 6.510K, as we expected in our previous post / 668 / and still traded in the Bearish Channel shown on the below 4H chart, the reason why we think, bitcoin price will start to Rebound Bearishly to 6.039K.

• RSI & Stochastic indicate that bearish pressure is present, trying to lead bitcoin price to the next support zone at 6.039K.

• Note; Breaking 6.039K will extend the losses to 5.782K followed by 5.500K.

Sentiment

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

Support 1: 6039.000 level.
Resistance1 : 6510.00 level.

Support 2: 5782.000 level.
Resistance2 : 6800.000 level.

Expected trading for today:
is between 6.039 and 6510.00.

Expected trend for today :
Bearish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
5782.00 / Fundamental Barrier / Done.
4444.00 / Technical Barrier / Expected!

The high of 2018:
11700.00 / Expected!

The low of 2019:
6600.00 / Expected!

The high of 2019:
25000.00 / Expected!

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

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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