Bitcoin Trend Series / EP. 738 / 8th Nov. 2018

Recapitulation

• Bitcoin is trying to sustain above the moving averages but the price could not manage to hold for long time above 6.497K, to trade negatively and settles below it, to resume the main bearish trend, so overall our bearish setup stands intact and chances on a drop below 6.300K increases, to the next target at 5.910K-6040K Area.

Market Factors

• A recent report by Morgan Stanley bank also underlines the emergence of Bitcoin and altcoins as "a new institutional investment class." However, any new asset has to face numerous hurdles in the beginning. Cryptocurrencies are currently going through the phase of denial, before they reach acceptance.

Technical

• The bearish trend is still suggested conditioned by the stability below 6.497K.
• Note; breaching 6.497K will lead the price to 6.879K before any new attempt to a new decline.

Sentiment

The short term trend is Bearish

Support 1: 6290.000 level.
Resistance1 :6497.000 level.

Support 2: 6040.000 level.
Resistance2 : 6879.000 level.

Expected trading for today:
is between 6040.00 and 6497.00.

Expected trend for today :
Bearish.

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 substantial returns down the road.