Bitcoin Trend Series / EP. 670 / Wild West Phase
Time: 8.30 A.M. / GM+2 / 11th Aug 2018 – Sat.
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
Bloomberg Intelligence analyst Mike McGlone believes that Bitcoin will plunge to last year’s average level of 4.000K!
Cryptocurrency Space is in its Wild West Phase. This sentiment comes via a 2,000 person survey from cryptocurrency app Gem and Harris Insights, which revealed that only 8% of Americans hold a personal stake in cryptocurrencies. Compared to investment adoption in legacy markets, whereas approximately 52% of Americans own stock in publicly-traded firms, the 8% figure seems rather dismal. Feel Free To Read The Full Article
Technical
In our previous post / 669 / we had forecast the trading range will be between 6.039K & 6.510K. The intraday low was 6.009K and the high was 6.537K.
Bitcoin price extended its losses to 6.009K, as we expected in our previous post / 669 / and still traded in the Bearish Channel on 4H, the reason why we think, bitcoin price will continue bearishly towards 5.872K.
Note; Breaking 5.872K will extend the losses to 5.500K.
Sentiment
Support 1: 6039.000 level.
Resistance1 : 6510.00 level.
Support 2: 5782.000 level.
Resistance2 : 6800.000 level.
Expected trading for today:
is between 5782.00 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!
investing considerable time and effort up front in
hopes of considerable returns down the road.
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this might again takes week last time it was there too much long hopefully i am wrong this time