Bitcoin Trend Series / EP. 665 / The Fundamental Barrier

Time: 8.56 A.M. / GM+2 / 6th Aug 2018 – Mon.

Market Factors

• Fundamentally, we've estimated that Bitcoin Breakeven Mining Expense stands around 5500$/BTC, in our previous post / 653 /...
  It means that this is fundamental barrier, the reason why we believe that bitcoin price will be difficult to test 4.267K, as we expected! But if the price pass it technically, bitcoin price hardly will hold below the fundamental barrier for too long.

• USD edged lower after the Labour Department said the US economy added 157,000 jobs in July, while the unemployment rate inched down to 3.9%. Economists surveyed by the Wall Street Journal had expected 190,000 new jobs and a 3.9 unemployment rate.

• Star Bucks is yet to accept Bitcoin as payment. Furthermore, in days to come Star Bucks shall collaborate with International Exchange (IE) for operation of Bakkt.

Souce

Technical

• Bitcoin price showing some bullish bias now to test the channel’s resistance, inside the Bearish Channel shown on the below 4H chart.

• RSI is showing a bit of bullish divergence.

• If the support at 6.500K holds, bitcoin price could recover.

• A clear break under 6.300K will be so ugly.

Sentiment

The trend is Bearish for today.

Support 1: 6500.000 level.
Resistance1 : 7400.00 level.

Support 2: 6000.000 level.
Resistance2 : 7800.000 level.

Expected trading for today:
is between 6500.00 and 7400.00.

Expected trend for today :
Bearish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
5782.000

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!