Bitcoin Trend Series / EP. 643 / Dead Cat Bonus Followed By Downside Tendency

in #bitcoin6 years ago

Time: 8.45 A.M. / GM+2 / 4th July 2018 – Wed.

Recapitulation

  • 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.

Market Factors

  • 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
Source

Technical

  • 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.

Sentiment

Based on the above
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.

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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Dead Cat Bonus

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.

explore the world of bitcoin fun, fun to profit, best friendship from @ fauzan11 in indonesia for new friend @lordoftrurh..
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Will have to check out how to trade alts looking good to buy :D

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