Bitcoin Trend Series / EP. 582 / Bitcoin Ship is Sailing in Rough Seas / Steem Bounty Reward
Time: 8.36 A.M. / GM+2 / 4th May 2018 – Fri.
Bitcoin price has been climbing the last 24 hours and tested 9.875K above April high at 9.767K, pushing bitcoin ship to sail in rough seas at the moment. Don’t jump onto the ship just now, because if the price continues its current rally up above the double top around 9.875K on 4H to reach the area 11.20K - 11.70K, most likely will be followed by crashes at least 70% again, and this will be the worst scenario ever! The best scenario is the double top at 9.875K seen on 4H to try to push the price below 9K to test 8.357K before any new attempt to rise again.
Keep in mind, poor liquidity will move price a lot in the short-term and a new medium-term bull market is not official. The reason why we need to keep an eye on Goldman Sachs plans to have bitcoin trading operations. This way, it can allow its clients to invest some of their funds in the industry, which would be supportive of liquidity and volumes.
NFP report today make traders wary as a weak results could reinforce the less hawkish stance shared by the FOMC in their latest statement. Weaker than expected data could lead to even more dollar selling and bitcoin price could take advantage.
Based on bitcoin history ( Sell in May and Go Away ) most likely the Bearish wave will continue. But this May will use the upcoming pull back as a buy opportunity. So keep a watchful eye out for opportunities to Buy Mt. Gox Crypto Dip.
In our previous post / 581 / we had forecast the trading range will be between 8.350K and 9.384K. The intraday high was 9.875K and the low was 9.161K.
Double top around 9.875K on H4 support our pull back scenario towards 8.357K ( Early May ) area to build our Inverted Head & Shoulders Pattern, as we wrote in our previous post / 573 / before the continuation of the bull trend towards 12.40K ( Early June ) and only clear break or close above 9.911K will cancel our scenario.
Stochastic looks ready to move lower from overbought area to signal a selling pressure.
We will continue to suggest the Slighty Bearish Trend in the upcoming period conditioned by the price stability below 9.911K.
Support 1: 8643.000 level.
Resistance1 : 9911.00 level.
Support 2: 8357.000 level.
Resistance2 : 10157.000 level.
Expected trading for today:
is between 8643.00 and 9875.00.
Expected trend for today :
Slighty Bearish.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5947.00.
The high of 2018 (BitcoinTrader's Year):
12407.00 - 13660.00 Area / 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.
How you see the BTC dominance in the coming future? You think it will stay alt time or will we have a altbloodsucking btc again?
I think Bitcoin will lost it's 1st place soon.....
The best case scenario / Below 9.911K, the price will try test 8.357K followed by 7.614K, supported by the double top at 9.875K seen on 4H to build our Inverted Head & Shoulders Pattern, as we wrote in our previous post / 573 / before the continuation of the bull trend towards 12.40K.
The worst case scenario / Above 9.911K, the price will try test 10.158K followed by 11.20K - 11.70K area, followed by crashes at least 70% again.
Thanks for great support.
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I hear bitcoin is headed up. I'm curious about this bounty thing. lol That's how I found you. I just received my first bounty today. It might be addicting. lol
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The reward of this comment will be added to the postal prize for help.
It's amazing, I agree with you, this is a great post, and you deserve a nice reward.
Keep up your mission.
Thanks from @razi04
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I think the market wishes to see the 10k soon, even it could be very bad as you wrote. So much suspense during the upcoming days.
Lets wait and see and HODL.
Congratulations! Your submission earned you 0.062 SBD from this bounty. You have received 0.062 SBD from the creator of the bounty and 0.000 SBD from the community!
I don't like very much Bitcoin: its value is based on the scarcity's paradigm, which in nature almost doesn't exist?
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Means you want to say after May month bitcoin will go down again
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Very interesting. Great job!
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Bitcoin up up up! Skeptics will say" Ohw my mama!" later :)
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