Bitcoin Trend Series / EP. 644 / More Bullish For USD Than BTC Price

Time: 8.16 A.M. / GM+2 / 5th July 2018 – Thurs.

Recapitulation

• Bitcoin price resumed Positive Trading to move away from EMA50,
  to consolidate inside rising wedge formation shown on the below 1H chart, trying to continue the climb ( Short Term ) towards 6.842K that most likely will be followed by a decline.

• Noting that breaking 6.210K, will lead to the continuation of 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

• FOMC minutes this week could contain more clues on Fed tightening expectations, to set the tone for USD direction, NFP release might also be a major catalyst for USD, and Strong jobs data with a hawkish Fed bias, could cause More Bullish For USD Than BTC Price.

Technical

• In our previous post / 643 / we had forecast the trading range will be between 6.210K & 6.842K. The intraday low was 6.462K and the high was 6.784K.

• Technical indicators ( RSI & Stochastic ) suggest that the uptrend is more likely to resume.

• 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 Neutral 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 :
Neutral.

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.

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