Bitcoin Trend Series / EP. 597 / Bull After Consensus Effect /

Time: 8.35 A.M. / GM+2 / 19th May 2018 – Sat.

We wrote in our post / 587 /:

A deep retracement, basd on 4H Butterfly "Sell" and 1H 3-Drive "Sell" is expected and most likely the / Retracement will be on Waves / towards: 8.832K / 8.573K / 8.367K / 7.770K.

And as our forecast, since May 5, when the price bumped into 9.990K, the decline of bitcoin price got start and the first three targets was met, as expected, supported by weekly bearish stop grabber, to tested the 7.925K level on May 18, to Form The Right Arm of our Inverse Head & Shoulders Pattern at 7.925K above the support 7.614K - 7.770K area, as our forecast in our post / 576 /.

Market Factors

• Bitcoin prices started to decline during the Consensus Conference to tested 7.925K. Conform the below graphic, we have seen that Bitcoin stayed flat in the last years for weeks after the Consensus conference and then took off about a month later.

• 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.

Technical

• In our previous post / 596 / we had forecast the trading range will be between 7.770K and 9.050K. The intraday high was 8.277K and the low was 7.950K.

• If the 7.925K holds, the bulls will move the price up, supported by our Inverse Head & Shoulders Pattern.

Sentiment

In fact; Trend Stands Bearish unless breaching 8.643K level and holding above it. But we will still suggest / The Slighty Bullish Trend / due to:

• As our forecast in our post on Apr 28 / 576 / we see bitcoin price Hold At 7.925K and most likely The Bull is The Winner.

• Based on price behavior the last days, 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.

YOU SHOULD NOT TAKE ANY MATERIAL POSTED ON THIS BLOG AS RECOMMENDATIONS. TO BUY OR SELL BITCOIN OR ANY OTHER INVESTMENT VEHICLE LISTED.

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