Bitcoin Trend Series / EP. 601 / Keep An Watching Eye on 7.614K - 7.770K Area.
Time: 8.03 A.M. / GM+2 / 23th May 2018 – Wed.
- Bitcoin price traded with Clear Negativity to touch 7.925K again and settles there now. We still believe that our H4 Invetred H&S Pattern have a big chance to work to push the price up, as long as the price above 7.614K - 7.770K area, as our forecast in our post / 576 /.
- We think it is important to pay attention to as far as mining cost is concerned is the breakeven Mining Cost across countries as it might provide us with a level at which miners start to pull out of the bitcoin market, as if the price of bitcoin falls below the breakeven level, miners might abandon their mining operations, depending on the local cost of electricity.
- In our previous post / 600 / we had forecast the trading range will be between 7.770K and 8.643K. The intraday high was 8.354K and the low was 7.840K.
- Technical indicators are confirming that Selling Pressure is still in play. But we believe that H4 / H&S will work, as long as the price above 7.614K - 7.770K area.
- Note; Breaking 7.614K - 7.770K area will mean that H&S pattern will fail to lead the price to new decline below 6.519K lows, supported by 2 weekly ( G seen on chart ) bearish stop grabbers.
as long as the price hold above the 7.614K - 7.770K area.
Support 1: 7770.000 level.
Resistance1 : 8400.00 level.
Support 2: 7614.000 level.
Resistance2 : 8643.000 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.
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.
btc is currently approaching support 1, just like you said it would!
Your optimism is what i need in these times.
I hope you are right, else i will go short.
What about the ma200 line. It seems a pretty big resistance?
Indeed it is a big resistence but
As in the post 576 written on 28 April "Right now we see that market dropping to next support area is 5/8 level of 7.770K This is should become a right arm of our H&S pattern"
This scenario is valid and gradually come to crucial point as price stands right at the bottom of right arm of H&S pattern. IT means that this pattern will starts to work to push the price up to 11.250K at least.
Only breaking 7.614K - 7.770K area will mean that H&S pattern will fail to lead the price to new decline below 6.519K lows.
Waiting for america to wake up, they will pump it up because its big promo :D
Tons of ups and downs today :)
I like a cryptocurrency like a good bit of bitcoin
This post has received a 4.42 % upvote from @booster thanks to: @lordoftruth.
Bitcoin is unstoppable, it is the decentralized engine, though transactions are public. But untraceable currencies such as Monero are poised to capture a decent part of the market share. Stay thirsty my friends
Again upvoting your post.
going as you expected perfect analysis you have done :D
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