Bitcoin Trend Series / EP. 607 / Our Worst Expectations Are Coming To Reality
Time: 8.32 A.M. / GM+2 / 29th May 2018 – Tues.
We wrote in our last update:
"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."
But due to, the tight move of bitcoin price around this level, our Worst Expectations are coming to reality right now as most likely the downward move will continue, supported by 2 weekly ( G seen on chart ) bearish stop grabbers.
- At press time, bitcoin is trading around 7.100K and the chances will be valid to achieve more decline to extend losses to reach 6.519K - 5.878K - 4.300K.
In our previous post / 606 / we had forecast the trading range will be between 7.210K and 8.175K. The intraday high was 7.378K and the low was 7.040K.
Bitcoin is at a Critical Junction after breaking 10 month trend line support around 7.614K and we doubt the crucial support 7.100K - 7.210K area will hold.
MACD is moving in the bearish zone and RSI ( 4H ) is currently just below the 40 level.
Looking at the weekly chart, will see that bitcoin price has failed to reach 10.158K and turned down, and the 2 weekly bearish stop grabbers after breaking 7.614K, suggest drop below 6.519K, to test 5.878K reaching 4.300 area, where a Potential Bullish Reversal can take place.
We will suggest / Bearish Trend / for today.
Support 1: 6519.000 level.
Resistance1 : 7614.00 level.
Support 2: 5878.000 level.
Resistance2 : 7800.000 level.
Expected trading for today:
is between 6915.00 and 7614.00.
Expected trend for today :
Bearish.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5947.00 !!! / 4300.00 Expected.
The high of 2018 (BitcoinTrader's Year):
14469.00 / 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.
Hope to see end of bearish market soon...
wow what a forcast!
how long do you think it will take to get down so low? do you think it will go fast or be a long bouncy kind of dip?
holding my breath!
Most likely, our first target at 6.519K within 1-2 weeks.
Great analysis! I believe the short term scenario for Bitcoin is still very bearish and that price will continue to fall until we are trading below the $6,900 region. Price has began to develop lower highs and lower lows after falling through the support level of $7,500 level. We could see price trade as low as $6,400 by the end of the month.
Thanks alot form this timely update.
I just upvote your post@lordoftruth.
You are really the truth's Lord.
Pls were can I get the major things I have to known about bicoin / crypto currency ?
I will really appreciate your reliable assistance in these regard.
Oh No This is not good 😣😢
What is causing it to go down so low?
well this makes me and everyone tense now :/
This post has received a 9.45 % upvote from @booster thanks to: @lordoftruth.
ohh everything seems to indicate that the descent is inevitable, investing is an option but you have to resist and be patient because it seems that you still have to start climbing ... Thank you very much good post, always