Bitcoin Trend Series / EP. 621 / US & North Korea Summit

in bitcoin •  4 months ago

Time: 7.56 A.M. / GM+2 / 12th June 2018 – Tues.

Recapitulation

  • In our post / 607 / dated on 29th May, we wrote;

    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.
  • As expected, the crucial support was broken after testing the High of July at 7.756K and our first target at 7.050K Has Been Met, to open the way to our targets at / 6.519K / 5.878K / 4.267K.

  • Bitcoin price settles around 6.850K since yesterday and our bearish overview remain valid as long as the price Below 7.614K.

  • If you short with us at 7.730K - 7.750K, you are in the right direction as Bitcoin Bears remain in control and we continue to hold our view that, The Large Range between 4.267K & 14.469K will be in play in 2018.

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Market Factors

  • While the US & North Korea Summit is going on. All are awaiting the press conference with the Donald Trump and Kim Jong Un. At this moment it looks O.K. Ignore what the media are projecting especially CNN, they are so negative about Mr. Trump. How the market will react, we will just have to wait and see!

Technical

  • In our previous post / 620 / we had forecast the trading range will be between 6.200K and 7.150K. The intraday high was 6.899 and the low was 6.629K.

  • Some Upside Bounce could happen here, but as all barriers were crushed, market probably will gravitate to 6.519K, but as stops will be triggered, 4.267K could become a reality.

  • At press time, bitcoin is trading around 6.850K and the chances is valid to achieve more decline, as sellers continue with their drive towards Major Support at 4.267K.

  • The 2 Weekly Bearish Stop Grabbers suggest drop below 6.519K, to test 5.878K reaching 4.300 area, the same destination point of the above Butterfly "Buy". The Potential Bullish Reversal Location.

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Sentiment

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

Support 1: 6519.000 level.
Resistance1 : 7614.00 level.

Support 2: 5878.000 level.
Resistance2 : 7996.000 level.

Expected trading for today:
is between 6200.00 and 7150.00.

Expected trend for today :
Bearish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
5947.00 !!! / 4267.00 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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If the low of 2018 will be at about 4200$ i'll still be on profit ;)

Just hope the bullish reversal will happen at $4300 like everybody is predicting. If we go lower than that it will take a long time to recover.

Excellent post thanks for sharing..................

Good insights. I hope we will hold this level at ~6700$ and count it as our third (fourth?!) contact point with the trend line. I believe that we repeat the pattern before, bouncing from the bottom line of the RSI (on the daily) and heading towards 8500$ - as this pattern are very similar.
Safe trading!

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maravillosa información gracias por mantenernos al tanto.

I also expect us to go lower short to mid term, but a reversal is iminent, it's just a matter of time. Great post and thanks for the analysis !

keep up the good work!

time to wait and see till now everything looking peaceful according to the summit hopefully cnn too hahah

Excellent publication that everything keeps growing in this great platform @lordoftruth