Bitcoin Trend Series / EP. 739 / 10th Nov. 2018

Recapitulation

• Bitcoin price has failed to attract buyers at this levels and has been gradually declining to turn down from 6.600K. This is a sign of weakness, the reason why we believe the price will 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

• While many experts and investors view the current crypto bear market as a negative, economist Tyler Cowen, professor at George Mason University, believes that a crash is positive because it helps clean up the system.

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.