Bitcoin Trend Series / EP. 681 / The Recent Pop Higher

Time: 9.07 A.M. / GM+2 / 22nd Aug 2018 – Wed.

Recapitulation

• We wrote in our previous post :

If a new ETF Proposal gets rejected again, we might witness another downward move, and if an ETF proposal is approved, bitcoin markes will jump higher.

• The Recent Pop Higher to 6.899K is being attributed to anticipation over SEC decision on a number of bitcoin ETF applications due Aug 23, as the regulator could no longer extend the deadline for their ruling unlike they did so for VanEck/SolidX.

Market Factors

• Bitcoin and crypto are gradually becoming an integral part of the global economic landscape and it doesn’t appear that governments will be able to close the lid on this proverbial Pandora’s box anytime soon !

Technical

• In our previous post / 680 / we had forecast the trading range will be between 5.782K & 6.680K. The intraday low was 6.290K and the high was 6.899K.

• Bitcoin price recently broke 6.680K with Strong Rise ( is being attributed to looming SEC deadline for some bitcoin ETFs on Aug 23 ) to attempt visiting 6.964K !

• RSI show the buyers taking a break, and Stochastic indicate a further gains in the cards.

Sentiment

The trend is Bullish, unless breaking 6.530K and holding below it

Support 1: 6530.000 level.
Resistance1 : 6964.00 level.

Support 2: 6160.000 level.
Resistance2 : 7200.000 level.

Expected trading for today:
is between 6400.00 and 6964.00.

Expected trend for today :
Bullish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
5782.00 / Fundamental Barrier / Done.

The high of 2018:
11700.00 / Expected!

The low of 2019:
6600.00 / Expected!

The high of 2019:
25000.00 / Expected!

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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What You Know About --> Fibonacci Retracement in Trending Market.   

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