Bitcoin Trend Series / EP. 647 / One-Fifth of Bitcoin Lost

lordoftruth (71)in #bitcoin • 6 years ago

Time: 9.56 A.M. / GM+2 / 8th July 2018 – Sun.

In our previous post / 646 / we had forecast the trading range will be between 6.210K & 6.842K. The intraday low was 6.511K and the high was 6.839K.
Bitcoin price was rejected at 6.839K as expected. The $300 Rise Seems To Appear Out Of Nowhere, the reason why we don't trust that recent weekend pump and we are still bearish as upside above 6.842K is not likely, so we still expect downward retrace below 6.400K, while breaking 6210K will lead to the continuation of Harmonic Swings towards 6.039K followed by 5.870K, where further losses will try to target November low at 5.500K before reaching the final target at 4.300K.
According to an article in Wall Street Journal; One-Fifth of Bitcoin is actually lost, existing in limbo, either forgotten about or inaccessible to its owner.

Bitcoin is stored in a digital wallet which can only be accessed with the owner’s personal identification number. Unlike the PIN from a bank issued ATM card, a digital wallet PIN address is much longer and considered to be virtually unhackable.

Sentiment

Based on the above
The trend is Bearish for today.

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 :
Bearish.

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.

Writing a series means playing a long game,
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.

If You are New in Trading --> Read Trading Education Center / Volume I.

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

If You Like To Read About Syrian War --> Click Here!