Bitcoin Trend Series / EP. 643 / Dead Cat Bonus Followed By Downside Tendency
Time: 8.45 A.M. / GM+2 / 4th July 2018 – Wed.
Bitcoin price show negative trading to try testing EMA50 that forms key support around 6.350K, noticing that Stochastic ( 4H ) signal a possible continuation of the climb ( Short Term ) towards 6.842K ( Dead Cat Bonus) that most likely will be followed by a decline.
Noting that breaking 6.210K again, will lead to the continuation of the Harmonic Swings, as you can see on below chart. So we still watching for bearish continuation patterns ( Medium Term ) / "222" Sell, towards 5.500K followed by 4.300K Area, unless breaching 6.842K and settling above it.
![](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmafh9z1DRLX4ahVVZm9wHXMpCfR8r5wjCKVvEsUZgtpGN/00.png)
Bitcoin price has sustained a positive start on Q3, and some have dismissed this as a mere dead cat bounce. By the looks of it, the lack of negative headlines on security incidents so far has allowed investors to maintain their optimism.
Currently other markets also are getting some relief against dollar, so, some upside bounce ( Short Term ) could happen on this week.
We think is not bad to drop a look to see the Cost to mine 1 Bitcoin:
![cost.jpg](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmQCLHnHzKDRCgtWyfwNKxZvpQHHFEigH3qCJLcf3Gy3Q9/cost.jpg)
Source
In our previous post / 642 / we had forecast the trading range will be between 6.210K & 6.842K. The intraday low was 6.414K and the high was 6.675K.
Technical indicators showing mixed signals for now. RSI indicate selling pressure, but Oscillator is starting to pull up. And we still believe that the recent rallies are merely a dead cat bounce from the recent strong declines.
This week we still need to keep an eye on Downside Tendency as if the price do not move above 6.842K, our bearish scenario ( Medium Term ) will remain valid.
The trend is slighty bullish for today ( Short Term ).
The trend is Bearish on Medium Term.
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:
Bearish.
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.
![www.jpg](https://steemitimages.com/DQmaJ6vyejgpyzTzEaqenx8FCuRcPERb1VJY7rHhXgRG1g4/www.jpg)
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.
![5000.gif](https://steemitimages.com/0x0/https://steemitimages.com/DQmTL9L2WbgD7u4WTUjxVJTQVM4p3A4M63wGVmfmomBVTy2/5000.gif)
You mean "Dead Cat Bounce"
A Bonus of a dead cat would be weird.
I still believe that that bearish scenario ( Medium Term ) will remain valid.
Thanks for support.
This post has received a 11.33 % upvote from @booster thanks to: @lordoftruth.
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Will have to check out how to trade alts looking good to buy :D