Bitcoin Trend Series / EP. 548 / The Pain Almost Will Finish Soon
Time: 8.13 A.M. / GM+2 / 31th Mar, 2018 – Sat.
- In our previous post / 547 / we had forecast the trading range will be between 6.50K and 7.49K and a small retracements to 7.32K on 5H will take place. The intraday high was 7.27K, and the low was 6.53K.
Bitcoin price took another leg lower Thursday as persistent selling pressure continues and the traders are anxious about the forming death cross, which is a crossover of the 50 SMA on the 200 SMA, that typically indicate more selling pressure. So it's still early to call a bull reversal, as there is a distinct bearish signal.
Bitcoin price dropped to a 50-day low of 6.53K earlier today, but a glimmer of good news for the bulls is that bitcoin price appears to be nearing a bottom and will likely find it in the range 6.53K and 6.00K over the weekend, but as the sell-off is likely to run out of steam in the range of 6.53K and 6.00K (Feb. low), any price dips below 6.53K (daily low) should be short-lived and this may be the fifth major wave of the correction but we are yet to see. The reason why I believe bitcoin could be ready soon to stage a strong recovery, as the NASDAQ gained back much of what it lost in the subsequent years.
We suggest the bearish trend domination, unless the price managed to breach 8.28K followed by 8.64K levels and hold above them. But I think, the pain almost will finish soon as bitcoin's price nearing bottom.
More potentially big volatile moves is expected as the price could be more sensitive to headlines and smaller positions as most traders are out enjoying the Holy Week holidays.
Support 1: 6500.00 level.
Resistance1 : 7490.00 level.
Support 2: 5947.00 level.
Resistance2 : 8280.00 level.
Expected trading for today:
is between 6500.00 and 7490.00.
Expected trend for today :
Slighty Bearish.
Medium Term:
Slighty Bearish.
Long Term:
Bullish.
The low of 2018:
5947.00 / IHS Bottom.
The high of 2018 (BitcoinTrader's Year):
14000.00 level / Expected.
The high of 2019 (Bitcoin Holder's Year):
??? The new all time high is expected.
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The real power is out of the market. Drops and bounces are much weaker than in the beginning of the bear market. I think we are in a consolidation periode now, what could bring us some lower, but slowly and not so overwhelming anymore.
I think this will go on for a few weeks to months till really good news like an ETF, adoption of Lightning, big players getting involved ect. triggers a new uptrend. When this happens I suspect a bull run as never seen before (not billions but trillions coming in from rich entities)
Your observations are right for sure. What we see is a process that I call "seeking the final bottom". I dont know where and when, but as soon as the final low is clearly indentified, many people will come back into the market.
Thus HODL!
Thats a big volatile currency..i m tired of this un expected drops.
Is it true Bitcoin price dropped again?
A tremendous drop.
Thanks for sharing blog
i like this bitcoin
I appreciate your cryptocurrency news
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This isn't over yet the bull trap is about to begin