Bitcoin Trend Series / EP. 606 / The Bull Fight Inside The Bear Zone

Time: 8.27 A.M. / GM+2 / 28th May 2018 – Mon.

Recapitulation

• Last Week Depreciation was steep and saw bitcoin prices moving below 8K to went down 12 percent in the last seven day to tested 7.100K - 7.210K area, but as we can see, the price is still Pretty Stable in upward green channel.

• At press time, bitcoin is trading around 7.250K and shows weak trades in the previous sessions supported by EMA50, so The Bear Still Have Primary Control unless breaching 8.643K, but Sentiment Does Suggest That is Temporary.

Market Factors

• Straight from Argentina’s Banco Masventas to Czech Republic’s Prazska Plynarenska, there is a changing tide on the horizon guys! It’s a monitoring tide, that which could lift cryptocurrencies especially Bitcoin Hopefully to New Levels.

• CFTC & DOJ are investigating to check the level of the Manipulation & Fraud that, they are sure exists in the market. Efforts of spoofing-where unscrupulous traders place and pull different orders simultaneously or wash trading activities will in the coming days attract the keen eyes of the justice department.

Technical

• In our previous post / 605 / we had forecast the trading range will be between 7.210K and 8.175K. The intraday high was 7.437K and the low was 7.211K.

• MACD is struggling to win pace in the bullish zone and RSI ( 4H ) is currently just above the 30 level.

• Looking at the chart, we see bitcoin price is Trying to Recover above 7.6K, while the crucial support area 7.100K - 7.210K still hold to form Stable Upward Channel, the reason why we believe we might get a bounce around 7.100K -7.210K area, towards 10.158K / The upper green line.

• Note; A clear break below the crucial support 7.100K - 7.210K area
  ( Daily Close ) will move the price below 5.947K towards the next major support level at 5.878K.

Sentiment
Bitcoin price in the Bear Zone, but based on the above
we will still suggest / Slighty Bullish Trend / for today.

Support 1: 7210.000 level.
Resistance1 : 8175.00 level.

Support 2: 7100.000 level.
Resistance2 : 8400.000 level.

Expected trading for today:
is between 7210.00 and 8175.00.

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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