Bitcoin Trend Series / EP. 596 / Rally Stage Time / Bearish But Slighty Bullish Is Suggested /
Time: 8.35 A.M. / GM+2 / 18th May 2018 – Fri.
Since May 5, when the price bumped into 9.990K, bitcoin price is mostly nursing losses, as expected, supported by Weekly Bearish Stop Grabber, to tested the 8K level few hours ago, trying to form an our Inverse Head & Shoulders Pattern on the support 7.614K - 7.770K area, as our forecast
in our post / 576 /
The weakness in bitcoin comes due to the disappointment at the popular crypto’s failure to stage a rally during the Annual Blockchain Conference, Consensus, which took place earlier this week.
Bitcoin price is most likely ready for a rally at this stage, and The Downside Risks Are Limited. Considering that bitcoin acceptance continues to grow, and more institutional investors engage in this industry, following a possible deeper retreat, bitcoin market will attract decent demand.
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.
In our previous post / 595 / we had forecast the trading range will be between 7.770K and 9.050K. The intraday high was 8.393K and the low was 7.925K.
Bitcoin price trades with clear negativity now around 8K , falling under continuous pressure coming by EMA50, trying to push the price towards 7.614K - 7.770K Support Area.
Note; If bitcoin price fail to turn up around 7.770K level ( Most Likely 7.614K - 7.770K Area Will Hold ) 6.519K low will be broken, supported by weekly bearish stop grabber.
In fact; Trend Stands Bearish unless breaching 8.643K level and holding above it. But we will suggest / The Slighty Bullish Trend / for today. Because:
As our forecast in our post on Apr 28 / 576 / we see signs that market could Hold Around 7.614K - 7.770K Area at 5/8 Level.
Based on Price Behavior the last days around 8.643K, we believe The Weekly Bearish Stop Grabber Can Not Destroy The Inverse Head & Shoulders Pattern.
Support 1: 7770.000 level.
Resistance1 : 8643.00 level.
Support 2: 7614.000 level.
Resistance2 : 9050.000 level.
Expected trading for today:
is between 7614.00 and 8643.00.
Expected trend for today :
Slighty Bullish.
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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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.
Still holding off for a buy signal below 7.9k. i think ill be getting in soon.
The low of 2019 may be 7493!!!
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Thank for you sir
Thanks for your informative post
you are great
Gooddd...voteback @lordoftruth
I won't predict any big up movements. This market is overheated, need to calm down. I think whole 2018 will be like, 10 000 -> 7400 -> 9600 -> 7600 and so on. No whales coming in, no big volumes. it wont rise very much .
perfectly going damnn this is the game of holding the nerves at the right time
Weekly showing a potential drop towards $6,500 if channel structure is respected. I'm leaning towards a hold near $7,500. Hopefully not in this bear market too long :)
Thank you for the good Work.
I think there will be a lot of sideways movement the next month.
Good post. Brief and detailed post. Thanks.