Bitcoin Trend Series / EP. 567 / Dangerous Times / Steem Bounty Reward
Time: 8.41 A.M. / GM+2 / 19 Apr 2018 – Thurs.
Bitcoin market remains volatile and it is well be connected with the US tax deadline. As the tax day passes, Bitcoin price could stabilize somehow, so a growing chance of extending its recovery from low at 6.49K to 8.64K is expected. Technically, It s important for bitcoin to keep above 7.55K in order to escape a more sell-off in near future towards 7.24K.
Hurst Time Cycles show how dangerous and manipulated bitcoin market has become. The solid black line corresponds to the main, dominant trend cycle operating on bitcoin price, while the green and yellow ones represent the medium and short-term cycles, being points of entry. We can observe how suspicious and short-lived are those spikes relating to this week artificial maintenance of the 8.4k range. The below graphic shows how unsustainable the current levels are.
The reason why I will stay out of the market
waiting the end of this dangerous times!
USD demand remains supported, as bond yields are rising on renewed prospects of tightening due to mostly upbeat data and hawkish FOMC remarks, and the developments in the cryptocurrency space and lingering geopolitical risks have kept bitcoin price supported.
Investors will reopen their long positions but most of
"Buyers could be waiting to join in on a pullback."
In our previous post / 566 / we had forecast the trading range will be between 7.55K and 8.64K. The intraday high was 8.28K and the low was 7.87K.
Bitcoin price continues to rise gradually to 8.64K , to keep the bullish trend valid supported by the EMA50, RSI, Stochastic and Oscillator. But as we had mentioned in our previous posts, the price will face big difficulty to clear the monster resistance at 8.64K.
The reason why I believe, there are short-term bearish risks for Bitcoin, while its longer-term prospects look more constructive, despite the continued regulatory crackdown around the globe.
Based on the above a pull back to the pivot 7.55K might be on the cards, and the price might also test 7.24K ( Short term target 6.95K - 7.38K ) before the continutaion of the bull run.
The trend is slighty bullish as long as we are above 7.24K, while it seems as though 6.49K is going to hold in the long run for the majority of 2018.
Traders can continue to hold their long positions with stop loss at 6.49K.
Support 1: 7550.000 level.
Resistance1 : 8640.000 level.
Support 2: 7240.000 level.
Resistance2 : 9122.000 level.
Expected trading for today:
is between 7550.00 and 8640.00.
Expected trend for today :
Slighty Bullish.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5947.00.
The high of 2018 (BitcoinTrader's Year):
13660.00 level / Expected.
The high of 2019 (Bitcoin Holder's Year):
25000.00 level / Expected.
/ Project by @knircky & @famunger /
You must write a comment to the this post.
investing considerable time and effort up front in
hopes of considerable returns down the road.
I'm so proud of my little blog, and so grateful to all of you
for support to keep it going.
"Buyers could be waiting to join in on a pullback."
I am one of those.
But tbh I rather sit on my tether and have a bullrun again
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5H has completed a Head and Shoulders Pattern..
We still waiting for 7.87K cross to lead to a frame fill at 7.24K (SMA20)..
We have to wait and see..
Thanks for continued support to my work..
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I appreacted with you. I think steem-bounty is the great.
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Futures market seems to be making it easier for them to manipulate on the small timeframes.
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I think if it does go down a way it won't be before next Monday.
Great post..
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Great article and very informative, thanks for sharing. I've smashed the upvote button for you!
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supper post
excllent news
Currently my personal sentiment seems to be more optimistic than yours. I'm expecting a slow soaring with low volatility. For me there is no FUD in the market anymore, but not yet a FOMO. The lightning network seems to advance step by step and that's real good fundamental news.