Bitcoin Trend Series / EP. 642 / Dead Cat Bounce

Time: 12.27 P.M. / GM+2 / 3rd July 2018 – Tues.

Recapitulation

• Bitcoin price rallied upwards to breach 6.519K level and settles
  above it, which turns the intraday track to rise, above the double
  bottom neckline to signal a possible continuation of the climb
  towards 6.842K.

Market Factors

• Coinbase Custody is officially open for business, providing secure storage of crypto for institutions in US, Europe. Asia coming by the end of the year. / Coinbase /

• The regulatory maturity of the ecosystem is likely to drive the price of Bitcoin higher but the mainstream media and finance sources have contributed to the bearish sentiment over the future of Bitcoin and the cryptocurrency movement.

Technical

• In our previous post / 641 / we had forecast the trading range will be between 5.500K & 6.600K. The intraday low was 6.275K and the high was 6.681K.

• Technical indicators showing mixed signals for now. The reason why we think, that the recent rallies are merely a dead cat bounce from the recent strong declines, as traders seeking higher returns appear to be turning towards cryptocurrencies since stocks and commodities have been vulnerable to trade rhetoric.

• This week we still need to keep an eye on downside tendency as if the price do not move above 6.842K, our below bearish scenario will be still valid.

Sentiment

Based on the above
The trend is slighty bullish for today unless
breaking 6210.00 level and settling below it.

Support 1: 6210.000 level.
Resistance1 : 6842.00 level.

Support 2: 6.039 level.
Resistance2 : 7000.000 level.

Expected trading for today:
is between 6210.00 and 6842.00.

Expected trend for today :
Slighty Bullish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
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 You are New in Trading  --> Read Trading Education Center / Volume I.    

What You Know About --> Fibonacci Retracement in Trending Market.   

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