Bitcoin Trend Series / EP. 583 / Dead Cat Bounce Territory / Steem Bounty Reward
Time: 7.40 A.M. / GM+2 / 5th May 2018 – Sat.
- Tangem Launches Smart Banknote to Facilitate Offline Use of Digital Tokens. Tangem, a Switzerland-based hardware-software platform developer that aims to foster mass adoption of blockchain technologies, has launched ‘the first smart banknote digital assets’ at the Megafash Suntec City store in Singapore. The technology will allow blockchain-based cryptocurrencies to be issued as smart physical banknotes with embedded near-field communication (NFC).
- The latest wave of optimism in the cryptocurrency markets was due to Goldman’s announcement. The news inspired the market participants amid expectations that other large institutions could follow Goldman’s example in the future. Moreover, the announcement was taken as another sign of Bitcoin acceptance among institutional investors and the digital currencies becoming more mainstream and popular on the whole.
In our previous post / 582 / we had forecast the trading range will be between 8.643K and 9.875K. The intraday high was 9.880K and the low was 9.550K.
Bitcoin hasn’t been all that impressive simply because it is still, from a medium-term perspective, in Dead Cat Bounce Territory.
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 11.30K at 38.2% Fibonacci line, followed by crashes at least 70% again.
We still suggest The Best Case Scenario & Neutral Trend in the upcoming period, keeping an watching eye on 9.911K.
Support 1: 9496.000 level / 5H EMA10.
Resistance1 : 9911.00 level.
Support 2: 8643.000 level.
Resistance2 : 10158.000 level.
Expected trading for today:
is between 9496.00 and 10158.00.
Expected trend for today :
Neutral.
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 /
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Did I understand you correctly that if we rally now above 10k we are likely to dead cat bounce or is that just one of the possibilities?
Yes, I already read this yesterday here. But that's not my opinion. I mean, as @charlieshrem mentioned, this May 2018 will be the last month ever with the possibility to buy one single btc for less than 10k USD.
Let's wait and see and HODL.
I respect your opinon my friend and I hope that @charlieshrem is right
We have to wait and see as you say.. But to be honest if we break 9.911K on the upside ( my POV ) for now I do not think the thing will be good for the bull trend as my above post..
Thanks for support..
Have a great weekend..
Yes if we rally above 10K the top will be 11.20-11.70 before the new crash. ( My pov will be the worst case scenario)
Anyway I still believe that the price will go conform / 573 / the best case scenario.
We have to wait and see what will happen around 9.911K!!
Thanks for great support..
Have a great weekend..
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I can’t imagine another crash, there’s just too much interest in this market now. It’s nothing like 2013 at all. The world is talking about it now
It is still a possibility though - institutions need a low entry point. However, if it crashes again, I expect it to rise quickly due to the same reason. My primary scenario is not about bitcoin crashing again though. Let's see.
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Thanks for your opinion. I am also thinking BTC needs decent correction- at least 25% sooner or later. I sold most of my crypto holdings i rather be wrong and lose ~20% gains than be right and watching how i lose more. Last time i sold far to little was painful experience!
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I think we just broke it :)
Need to see a daily close above it..
Would love to see a correction 😀
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I really think we are going to have a new ATH for BTC this December, if not earlier. Your short term análisis is great and usually accurate.but I hope you'll be short on the long term estimate. Cheers
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Hope Bitcoin will cross 10k within 5 days.....
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its looking like this current rally will indeed reverse around 9.9k I'm hoping some of the profits will be pumped into alts.
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Very interesting post
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Should i buy alts this time and which one do you suggest
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