Bitcoin Trend Series / EP. 654 / Major Bearish Trend Line

Time: 9.25 A.M. / GM+2 / 15th July 2018 – Sun.

• In our previous post / 653 / we had forecast the trading range will be between 6.039K & 6.420K. The intraday low was 6.179K and the high was 6.320K.

Recapitulation

• Major Bearish Trend Line is in place with resistance at 6.360K - 6.420K on the below hourly chart, the reason why bitcoin price failed to settle above 61.8% Fib retracement level located at 6.420K.

• Looking at the below chart, we will see that, Bitcoin price is facing a tough task to break 6.360K - 6.420K Resistance Area. So we still believe, the bears most likely will be able to push the price below 6.039K.

Market Factors

• Currently, Bitcoin price is around mining break-even price, so Bitcoin price could get some Fundamental Floor barrier, despite techinical suggestion of lower prices.

Market Watch

• If price will drop below current breakeven, mining will diminsh, this in turn will lead to miners reward and growth of Bitcoin price again.
  So the drop & rise probably will be very fast.

Technical

• On Daily Chart we're still watching for AB=CD target also. As a lot of stops could be accumulated below 5.870K lows and once they will be triggered, the price could accelerate lower towards 5.500K followed by 4.300K.

• Weekly Setups stands the same and our major target of AB-CD Pattern around 4.300K still valid as long as the price below 6.842K.

• There are no change in our Bearish Scenario / "222" Sell, towards 5.500K followed by 4.300K Area, unless breaching 6.842K and settling above it.

Sentiment

Based on the above
The trend is Slighty Bearish for today.

Support 1: 6039.000 level.
Resistance1 : 6420.00 level.

Support 2: 5780.000 level.
Resistance2 : 6842.000 level.

Expected trading for today:
is between 6039.00 and 6420.00.

Expected trend for today :
Slighty 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.

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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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