Bitcoin Trend Series / EP. 584 / Above 9.911K Call 911 / Steem Bounty Reward
Time: 8.02 A.M. / GM+2 / 6th May 2018 – Sun.
Bitcoin price tested 1D SMA200 = 9.990K on a bullish 5H sequence, but the last daily close was at 9.830K.
Keep in mind, a daily close above 9.911K will push the price above 10.158K to test 11.30K at 38.2% Fibonacci, followed by crashes at least 70% again ( The worst scenario ), when some of bagholders will start to call 911!
As any move about 10K for moment will be short lived and not healthy for the long term trend.
- In the Ukrainian village of Elizavetovka of the Petrykivsky district in the Dnipropetrovsk region, all residents reportedly now own some crypto, according to local media. Furthermore, the news outlet reported that bitcoin, cardano, and ether can now be used in the village such as for buying meat, lard, eggs, and milk. For more info read: All Residents Own Crypto!
Developments in the industry have been mostly positive, especially after Goldman Sachs announced plans to start a bitcoin trading operation.
South Korea’s lawmakers are working on a bill to legalize ICO launches, also helping to add legitimacy to the industry.
Japan has already created its regulatory body for ICOs, which means that the top markets for bitcoin are making good progress.
In our previous post / 583 / we had forecast the trading range will be between 9.496K and 10.158K. The intraday high was 9.990K around 1D SMA200 and the low was 9.736K.
Bitcoin hasn’t been all that impressive simply because it is still, from a medium-term perspective, in Dead Cat Bounce Territory.
The worst scenario / Daily close above 9.911K, will push the price to test 10.158K followed by 11.30K at 38.2% Fibonacci line, followed by crashes at least 70% again.
The best scenario / Daily close below 9.911K, will push the price to test 8.357K followed by 8.165K, 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.
We will still suggest The Best Scenario & Neutral Trend in the upcoming period, that most likely will lead the price for a correction, towards our targets 8.357K and 8.165K , before any attempt to rise towards 12.407K.
Support 1: 9496.000 level / 5H EMA10.
Resistance1 : 9911.00 level.
Support 2: 8643.000 level.
Resistance2 : 9990.000 level.
Expected trading for today:
is between 9496.00 and 9999.00.
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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A bounty of 0.500 SBD has been set on this post by @lordoftruth! You can read how they work here.
you can work me
That Ukranian news is surprising. @ned should make a visit there. lol
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Many thanks as always for the insightful analysis. With Goldman Sach’s and others ready to join, I can see an opportunity for them to get BTC above the 10k daily close.... it will only generate more profits for them when entering the market as the bull run thereafter would generate higher returns.... just a thought...
I agree! I think things are looking very bullish for bitcoin and a lot of other cryptos right now.
As trader I agree with you but must becareful and to go long with a good entry around the first support listed with tight stop lose.
As Holder is so risky as my above post.
Thanks for support..
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I like your thought and analysis about the crypto currency. Even I am a Local Bitcoin seller and your post learn me a lot new things thank you so much sir @lordoftruth
I hope my posts is useful..
Thanks for support..
Have a great sunday..
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Wau very interesting news about Ukrainian village. But it fits the very strange period we have last week that we hear only good news about cripto. Under 1 month ago all we could get were bad news and now with blink of an eye all is sunny again? I dont buy it!
Buffet: "Be fearful when others are greedy!" And with so much good news and Bitcoin in reality still weak and in bear trend i fear i more and more see we can actually get into depression!
In a way i hope i am wrong cause than 2014 can repeat and compare 2014 with where we are now it will get ugly. Guess where i think we are? Is pretty easy once you compare graph with 2018. Link:
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Thanks for sharing your deep thought about this.
thankfully the market seems to be pulling back a little. I don't see us closing above 9.9k until we reach 8.5k again maybe even as low as 7.8k then there will be a crazy bull run in the cards.
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This post has received a 5.67 % upvote from @boomerang.
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Good news for the world of cryptocurrencies.