Bitcoin Trend Series / EP. 697 / On Its Way Down Toward 5.911K

Time: 10.13 A.M. / GM+2 / 10 Sep 2018 – Mon.

Recapitulation

• Bitcoin price shows some bullish bias to fluctuate 6.300K ! The short - term trend still Bearish Unless Breaching 6.880K and hold above it.
  So, we still believe that the chances are valid to continue the decline toward 5.911K conform the below Daily Chart !

Market Factors

• The Bad News continued when the U.S. Securities and Exchange Commission (SEC) suspended trading in two products that track cryptocurrencies.

The SEC said its decision was based on market confusion about the nature of the products. It stopped trading in Bitcoin Tracker One and Ether Tracker One funds at least until September 20. Both are listed on Nasdaq.

• China has also taken steps to ban cryptocurrency trading, but reports suggest some Chinese investors are finding ways around the blocks.

Cryptocurrency exchanges popular with Chinese investors have moved their servers outside the country, making it harder for regulators in China to block access.

Source

Technical

• In our previous post / 696 / we had forecast the trading range will be between 5.911K & 6.497K. The intraday low was 6.185K and the high was 6.458K.

• Stochastic loses its positive momentum, while EMA50 forms negative pressure.

• Keep an watching eye on Next Station at 5.911K !

Sentiment

The trend is Bearish,
unless breaching 6.880K and hold above it !

Support 1: 5911.000 level.
Resistance1 : 6497.00 level.

Support 2: 5782.000 level.
Resistance2 : 6880.000 level.

Expected trading for today:
is between 5911.00 and 6497.00.

Expected trend for today :
Bearish.

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!

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