Bitcoin Trend Series / EP. 610 / Large Butterfly "Buy"

Time: 8.25 A.M. / GM+2 / 1st June 2018 – Fri.

Recapitulation

• Bitcoin price stalled below the 9.990K in early May and has been steadily returning towards 2018 lows, and continues to Fluctuate Around EMA50.

• There are no change to our bearish scenario, unless breaching 7.910K, and we still suggest surpassing 7.100K - 7.210K towards 6.519K - 5.878K - 4.300K, to get the Large Butterfly "Buy" shown on the below daily chart. The reason why we believe, Long Term Traders Should Wait The Area 4.267K - 4.300K as potential bullish reversal.

• If the price breaks the 7.614K barrier, it could easily rally towards 7.910K level, before any new decline but will not cancel our Bearish Scenario.

Market Factors

• Venezuelan Government subsidizes all electricity in the country and anyone using this resource to mine Bitcoin has become a target for legal repercussions, the reason why various mining operations have been shut down.

• US dollar is on weaker footing owing the resurfacing Trade War Fears, with the government imposing higher tariffs on steel and aluminum imports from Mexico, Canada.

• If you take a look, we can see that February was bullish, March was bearish, April was bullish and May was bearish. June is near,Will The Cycles Continue!! Yes, a reversal may occur but not before testing the new low of 2018.

Technical

• In our previous post / 609 / we had forecast the trading range will be between 6.915K and 7.614K. The intraday high was 7.599K and the low was 7.340K.

• At press time, bitcoin is trading around 7.475K and the chances is still valid to achieve more decline to extend losses to reach 6.519K - 5.878K - 4.300K as long as the price Below 7.910K.

• The 2 weekly bearish stop grabbers after breaking 7.614K, suggest drop below 6.519K, to test 5.878K reaching 4.300 area, the Same Destination point of the Butterfly "Buy".

Sentiment
Based on the above
We will suggest / Bearish Trend / for today.

Support 1: 6519.000 level.
Resistance1 : 7614.00 level.

Support 2: 5878.000 level.
Resistance2 : 7910.000 level.

Expected trading for today:
is between 6915.00 and 7910.00.

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.

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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