Bitcoin Trend Series / EP. 600 / Stability Above 7.925K & 2 invetred H&S patterns
Time: 8.45 A.M. / GM+2 / 22th May 2018 – Tues.
Bitcoin Trend reached today 600 Posts / Milestone, thanks for great support, as it would be impossible without you! We made it series, we made it like Tv, we made it easy, to portray our thoughts and ideas on the subject which may s be used as a Tool For The Reader.
We do not accept responsibility for being incorrect in my speculations on Bitcoin Trend, as no one knows tomorrow's price or circumstance. Do Your Own Due Diligence.
The selloff pushed bitcoin price to tested 7.925K ( 50% Retracement of pre april rally low of 6.425K ) on May 18 attracted by a Strong Buying Interest. The reason why bitcoin price has recovered decently reaching the immediate resistance at 8.643K yesterday, which limits the upside potential since last Wednesday, but still holding above 7.925K, as our forecast in our post / 576 /.
Bitcoin price now Resists The Bearish Scenario and makes fresh attempts to resume the rally, trying to make a clear break above 8.643K area to climb back towards 9.279K ( 38.2% extension ) supported by H4 invetred H&S pattern and and H1 invetred H&S pattern.
Despite Consensus 2018 failed to inspire an impressive rally in the bitcoin market, the industry continues to look healthier and more consistent.
Bitcoin price is most likely ready for a rally at this stage, and **The Downside Risks Are Limited To 7.925K. 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.
In our previous post / 599 / we had forecast the trading range will be between 7.770K and 8.643K. The intraday high was 8.643K and the low was 8.253K.
Bitcoin price shows sideways and tight trading since yesterday, to stay stable below 8.643K, and no change to our Slighty Bullish Overview as most likely one of our below two invetred H&S patterns have a big chances to work to push the price up, at least to 11.250K.
- Note; Breaking The Crucial Support 7.770K will mean that two H&S patterns will fail and will lead the price to new decline below 6.519K lows, supported by 2 weekly bearish stop grabbers.
As we believe that H4 / H&S or H1 / H&S will work, So the 7.925K was interesting for a long position and in the same time It means 8.174K- 8.250K is another interesting area for a long position.
Support 1: 8174.000 level.
Resistance1 : 8643.00 level.
Support 2: 7925.000 level.
Resistance2 : 9279.000 level.
Expected trading for today:
is between 7925.00 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.
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.
Yes ... now the game will accumulate
Bitcoin Trend reached today 600 Posts !!!!!!!!!!!!!!
its record i think..
👏👏👏
Go bitcoin GO.
thank you for share your another series, i think Bitcoin Trend reached today 600 Posts its huge.
Bitcoin will remain unstoppable as globally its acceptance growing. I agree with your expectation, surely it will reach 36,000.00 level in 2019.
This post has received a 3.79 % upvote from @booster thanks to: @lordoftruth.
This post has received a 4.63 % upvote from @boomerang.
great post my dear friend
inverse head pattern looks great time to fly for short time