Bitcoin Trend Series / EP. 625 / Short Pause
Time: 8.19 A.M. / GM+2 / 16th June 2018 – Sat.
Bitcoin price has stuck in the bearish channel Bordered By 6.300K - 6.700K and the market is not strong enough to break the up border as there is no buy volume, or to break the down border as the sellers have nothing to sell.
Many wonder whether the bottom has been touched ( 6.107K ) or it is just a Short Pause!
According to technical analysis, there are yet no Clear Reversal Signals, the reason why we believe, bitcoin price is most likely will continue to move inside the channel, and finally will break the down border at 6.300K, while breaking 6.300K again, will open the way to 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).
In our previous post / 624 / we had forecast the trading range will be between 6.039K & 6.800K. The intraday low was 6.300K and the high was 6.659K.
At press time, bitcoin price is around 6.450K and our Bearish Overview remain valid, conditioned by the price stability Below 6.800K and confirmed breakdown below 6.300K, it could open the way for more declines.
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.
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.
thanks for the advise. i'm ready to stack-up once ~4K levels are hit.
Thats a very optimistic goal, Goodluck man.
i'm ready to stack-up once ~1K levels are hit
What could get interesting is number of shorts both in BTC and ETH at Bitfinex is basicly equal as 10% BTC longs closed within last 20hours. Is weekend so BTC will probably move sideways and if shorts surpass longs should be interesting. As of now ill keep a close look on that and overall market sentiment. I would say most are now bearish and usually we do opposite in this bear trend last few months. So if overall sentiment stays bearish plus shorts rising while longs stay same or falling i would say we will have spike up. As is looking last few days i think for now this scenario is more likely than dropping again(for June). We shall see i guess and i do own coins at the moment btw.
Planning to stack up at 4.3K lvls already pilling up some cash to do that! ;)
I like your charting. Of course, actual trading should be left to the experts and I'm not tempted to do it hehe. But the way you lay it out is nice in terms of just following the price and wondering where the key points are and where it may go next.
Bitcoin has a habit of returning sort of close to its old floor after it spikes, so ya, I tend to feel like you're right that it still has lower to go. But hopefully soon some buying pressure finally starts.
Cheers.
will have to wait and see the trends only long term is great now rest is have to be wait for
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Thanks for the info. Nice Technical Analysis.
I also put forth some daily TA. Please do check out and let me know your views- @abyzee
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Precious metals took a huge hit yesterday with a purported $34 billion sell off. In the past precious metal movement has indicated an inverse action in crypto, but being that this movement seems to have been contrived by a small number of people given that prices where at a high in recent months, it may not signal anything. Thanks for the info @lordoftruth!
I had a dream today that BTC dropped so low that I bought 10.3 Bitcoins 🤣