Bitcoin Trend Series / EP. 595 / 4th Waited Target / Steem Bounty Reward
Time: 8.22 A.M. / GM+2 / 17th May 2018 – Thurs.
Bitcoin price tried to stage a recovery the last days, but failed to confirm a break above the 8.855K and resumed the down move below 8.643K, settled below 100 hourly simple moving average.
The sell-off could intensify to break lower targeting our 4th Waited Target located at 7.770K, as our forecast in the post / 587 / the most important support of the week. To build the right arm of Our Reverse H&S Pattern, as our forecast in our post / 576 /.
Traders don’t dare to buy after a failed attempt to overcome 9.990K and it looks like bitcoin needs some fresh bullish catalyst to break the psychological level at 10K.
Investors continue to hold out for positive updates in the industry but until those come out, caution has prevailed after bitcoin price was rejected a resistance level after another.
Traders are keeping close tabs on the investigation into South Korea’s largest crypto exchange as this revives issues on regulation and security.
In our previous post / 594 / we had forecast the trading range will be between 7.770K and 9.050K. The intraday high was 8.482K and the low was 8.121K.
Looking at the charts, the price action suggests a bearish signs below 8.643K to break below 8.000K area trying to push the price towards 7.650K-7.770K area.
Bitcoin price could pause from its drop as a double bottom formation can be seen on the 1-hour chart but from the technical point of view, the moving averages point to bearish risks in the short term, and oscillator is nearing overbought levels to reflect exhaustion.
To conclude, we see signs that market could continue dropping right to the next support area at 5/8 level of 7770$.
Note; If bitcoin price fail to turn up around 7.770K level ( Most likely the 7.770K area will hold ) 6.519K low will be broken, supported by weekly bearish stop grabber.
Support 1: 8100.000 level.
Resistance1 : 8643.00 level.
Support 2: 7770.000 level.
Resistance2 : 9050.000 level.
Expected trading for today:
is between 7770.00 and 9050.00.
Expected trend for today :
Neutral.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5947.00.
The high of 2018 (BitcoinTrader's Year):
16046.00 / Expected.
The low of 2019: ???
The high of 2019 (Bitcoin Holder's Year):
36000.00 level / Expected.
/ Project by @knircky & @famunger /
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hopes of considerable returns down the road.
I'm so proud of my little blog, and so grateful to all of you
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I think if bitcoin flattens out for a while it might be a good thing
i will be glad when this bear run is over!
ouch.. $7770. that's a dip from current price. it is still too dangerous to be trading alts at that range.
this week we can expect bitcoin price around 7K $$$$
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I think none of technical analysis can predict price. Bitcoin price now depends of Mt. Gox trustee. If he decide to sell, price will drop. If he does not, price will go up slowly IMO
valuable as usual
At the moment Bitcoin is still holding on above $8,000. Great
Boom one more drop and every alt will go in the blood zone lets see today's trend where it head too :)
your price prediction is so close. when i need to see btc price prediction i see your blog