Bitcoin Trend Series / EP. 674 / Bullish Divergence
Time: 8.44 A.M. / GM+2 / 15th Aug 2018 – Wed.
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 between 5300$/BTC and 5800$/BTC, in our post / 653 / !
Fundamental Background remains the main driver for bitcoin market, the reason why we believe that bitcoin price will be Difficult To Test 4.444K, that we've suggested in the above weekly chart !
Technically Breaking 5.782K, will move bitcoin price to test 5.350K
( New Bottom ) as on the below daily chart !
Market Factors
Another round of negative commentary came from ex-PayPal CEO Bill Harris who mentioned in an interview to CNBC:
The cult of bitcoin [makes] many claims — that it’s instant, free, scalable, efficient, secure, globally accepted and useful — it is none of those things.
Technical
In our previous post / 673 / we had forecast the trading range will be between 5.872K & 6.510K. The intraday low was 5.940K and the high was 6.400K.
Bitcoin price provided a Bullish Divergence on its way to test EMA50
to signals that a bounce may happen, before the return to trading in the Bearish Channel on 4H shown below.Stochastic support the bearish move, RSI create a bullish divergence, and Oscillators signal a return in bullish pressure.
Note; Breaking 6.039K will move the price again to test 5.872K, and breaking 5.872K will extend the losses to 5300K-5.500K ( Most Likely 5.350K ) !
Sentiment
current spot prices and 6.964K.
Support 1: 6039.000 level.
Resistance1 : 6510.00 level.
Support 2: 5872.000 level.
Resistance2 : 6964.000 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.
5350.00 / New Low / 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.
I'm so proud of my little blog, and so grateful to all of you
for support to keep it going.
I don't expect bitcoin to do much this year aswell :>
I doesn't look so bad at the moment. Above 6600 we could make a higher high.
I agree with you, but I still believe the bulls is likely to face resistance around the Zone 6.650K - 6.680K!
By the way, I did as your advise and I do not use the booster anymore for bitcoin trend.
Thanks for great and continued support.
Thank you for your time!
@lordoftruth has set 0.457 STEEM bounty on this post!
Bounties are a new way you can earn rewards irrespective of you Steem Power. Go here to learn how bounties work.
Earn the bounty by commenting what you think the bounty creator wants to know from you.
Find more bounties here and become a bounty hunter.
Happy Rewards Hunting!
Congratulations to the following winner(s) of the bounty!
Find more bounties here and become a bounty hunter.
Find more bounties here and become a bounty hunter.
Find more bounties here and become a bounty hunter.
Many thanks for the update. At the time of publication BTC was already at 6360, so we are on our way against to test 5872...
We get chance to earn more, or buy some dips!
It makes me sad to see what has happened to STEEM poker league :(
Thanx!
Looks like if the bulls keep it that high we might enter the new high soon lets hope today is a big day for cyrpto might be a great one
Thank you!! Love it!
According to what I know about all cryptos fluctuate according to how BTC behaves, yet this time I think most other crypto's, percentage wise, are doing much worse than BTC, shouldn't the changes in price be about equivalent for all of them?