Bitcoin Trend Series / EP. 586 / They Want 20k Back / Steem Bounty Reward
Time: 8.53 A.M. / GM+2 / 8th May 2018 – Tues.
Bitcoin price re-freshed highs over the weekend, but then corrected rather sharply and continues to retreat on Monday. The price reached 9.990K / Below 200-Day MA / which was a magnet for bulls during the last couple of days.
They want 20k back, living in their dreams. But for now bitcoin price have chance to get out around 10.158K only as / A Bounce Back up to The Swing High Around 10.075K / is expected, but will be so tough to break 10.075K - 10.476K area to the upside.
Profit-taking at 9.990K / Has Been Anticipated / but traders appear to have reacted negatively to remarks from Buffet and Gates. As both have expressed bearish views, citing that / Bitcoin is Rat Poison / and is mostly just driven by speculation.
We believe the correction is more of / A Technical Nature / as the current retreat looks quite natural and healthy, considering the importance and strength of the resistance formed by 10.158K.
In our previous post / 585 / we had forecast the trading range will be between 8.800K and 9.767K. The intraday high was 9.471K and the low was 9.182K.
Looking at the chart, it seems like the price could accelerate gains 10.158K level first, followed by a deep downside retracement second towards 7.770K, as 10.158K completes a lot of other patterns / like 4H Butterfly "Sell" and 1H 3-Drive "Sell" / to build our Inverted Head & Shoulders Pattern, as we wrote in our previous post / 573 / before any new attempt to re-win the bull trend again.
Stochastic is turning back up to suggest a return in bullish wave, and RSI is moving higher reflecting bearish exhaustion.
On 1D we have / Classical Triangle Pattern / with upper border between 10.10K -10.20K ( 10.158K ).
On 4H / Deep Retracement Should Come / due appearing of upside reversal swing.
To conclude, we believe the price might reach the 10.100K - 10.200K first, followed by a deep retracement, based on 4H Butterfly "Sell" and 1H 3-Drive "Sell" towards 7.770K. As any move above 10K for moment will be
/ Short Lived And Not Healthy / for the long term trend for now.
- We will still suggest / Slighty Bearish Trend / for today, associated with / Swingy Move / between 9.038K and 10.158K.
Support 1: 9038.000 level.
Resistance1 : 9767.00 level.
Support 2: 8542.000 level.
Resistance2 : 10158.000 level.
Expected trading for today:
is between 9038.00 and 10158.00.
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 /
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I dont quite understand where the target is for this correction. Are we still looking at 7.5k or is something else in play?
The target of correction will be 7.770K as on the chart..
There are big chance to visit 10.158K before the correction..
I hope I am clear now..
Thanks for support..
Have a sunny day..
Thank you!!
It looks like the 10.1k will be a good profittakong point especially if you get in during the last downturn. 7.7k is a good buy target im lookim forward to it lol
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Preparing for the dips if it does happen :)
You have brought searching post for me. I have cleared some Bitcoin issue from your Post. Especially your graphics photo is quite accourate. It helps me.
Looking for a jump of 12k again soon.
A neophyte question:
approximately, when will BTC approach the 7.770K price?
Really nice information about bitcoin......We can call it a nice analysis.....actually bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency......
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