Bitcoin Trend Series / EP. 658 / Pull Back Before Potential Continuation Of Uptrend.

lordoftruth (71)in #bitcoin • 6 years ago (edited)

Time: 8.40 A.M. / GM+2 / 19th July 2018 – Wed.

In our previous post / 657 / we had forecast the trading range will be between 7.050K & 7.900K. The intraday low was 7.246K and the high was 7.558K.
Conform 4H, Bitcoin price could be due for a correction from latest rally due to a Profit - Taking and start to show some bearish bias supported by Stochastic negativity, and in the same time RSI indicate that buyers are exhausted, but EMA50 still support the bullish trend.
The reason why we think, that most likely a Pull Back will be in play, towards 6.842K ( the area of interest that buyers are waiting to join ) before the potential continuation of the uptrend.
The bullish trend remain in play unless Breaking 6.842K and holding below it.

Conform Weekly Chart is so early to believe that, the bear market is over, so we must be cautious as the Weekly Setups stands the same, the reason why we closed our long entry ( was BGT at 6.300K ) at 7.500K.

Sentiment

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

Support 1: 7050.000 level.
Resistance1 : 7650.00 level.

Support 2: 6842.000 level.
Resistance2 : 8250.000 level.

Expected trading for today:
is between 7000.00 and 7650.00.

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.

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