Bitcoin Trend Series / EP. 624 / SEC Official's Remarks

Time: 8.02 A.M. / GM+2 / 15th June 2018 – Fri.

Recapitulation

• Bitcoin price shows Clear Positive Trading after the rejection from 6.107K, to test 6.736K close to the resistance at 6.800K, due to remarks by a SEC official stating that bitcoin aren’t securities to be regulated like stocks.

• As most likely the Recovery Attempt Was Over ( was limited to 6.800K ), we believe the bearish trend will resume supported by Stochastic which forms negative factor that we are waiting for.

• As the Bear Run is not in its last leg, we wait for a clear break below 6.039K, that will cause a panic sell to push the price towards our next targets at 5.878K & 4.267K to build our expected Butterfly "Buy" ( The potential bullish reversal location).

Technical

• In our previous post / 623 / we had forecast the trading range will be between 6.039K & 6.800K. The intraday low was 6.322K and the high was 6.736K.

• At press time, bitcoin price is hovering around 6.600K, and technical indicators give Mixed Signals.

• Our Bearish Overview remain valid, conditioned by the price stability Below 7.050K and only breaching 7.050K can stop our expected decline towards Major Support 4.267K.

Sentiment

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

Support 1: 6039.000 level.
Resistance1 : 6800.00 level.

Support 2: 5878.000 level.
Resistance2 : 7050.000 level.

Expected trading for today:
is between 6039.00 and 6800.00.

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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