Bitcoin Trend Series / EP. 671 / Indecisive Market

Time: 8.27 A.M. / GM+2 / 12th Aug 2018 – Sun.

Recapitulatin

• Technically our major weekly target stands at 4.444K, the butterfly target, that we've mentioned in our post / 648 / !

• Fundamentally, we've estimated that Bitcoin Breakeven Mining Expense stands around 5782$/BTC, in our post / 653 / !

• For now, the Fundamental Background remains the main driver for bitcoin market. It means that the 5.782K level is the Fundamental Barrier, the reason why we believe that bitcoin price will be difficult to test 4.444K !

• But if Bears Can Manage To Fight Harder, then the things will be tough, as if the price Technically Break 5.782K, bitcoin price will test 4.444K as on the above weekly chart but the price hardly will hold below the fundamental barrier For Too Long !

Market Factors

• The Downward Movement is nothing more than the market’s emotional reaction to US Securities Commission’s announcement to delay its decision on the CBOE application for Bitcoin ETF for the fall. Keep in mind, the SEC can make its decision earlier, anytime from August 13 to September 30 !

• The Japanese Financial Services Agency (FSA) released the results of a variety of on-site inspections that took place in 23 cryptocurrency exchanges around the country. What it found led it to the conclusion that it should be harsher when it comes to accepting new applications from exchanges hoping to attain an operating license.

Technical

• In our previous post / 670 / we had forecast the trading range will be between 5.872K & 6.510K. The intraday low was 6.008K and the high was 6.499K.

• Bitcoin price have been volatile and Very Indecisive over the last 48 hours and after extended its losses to 6.008K, as we expected in our post / 669 / the price showed some bullish bias but still traded in the Bearish Channel on 4H, the reason why we think, bitcoin price will keep looking for another bottom for some time and the bears will manage to push the price down to its previous low at 5.872K.

• Note; Breaking 5.872K will extend the losses to 5.500K.

Sentiment

The trend is Bearish as long as prices are between
current spot prices and 6.800K.

Support 1: 6039.000 level.
Resistance1 : 6510.00 level.

Support 2: 5782.000 level.
Resistance2 : 6800.000 level.

Expected trading for today:
is between 5782.00 and 6510.00.

Expected trend for today :
Bearish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
5782.00 / Fundamental Barrier / Done.
4444.00 / Technical Barrier / Expected!

The high of 2018:
11700.00 / Expected!

The low of 2019:
6600.00 / Expected!

The high of 2019:
25000.00 / Expected!

YOU SHOULD NOT TAKE ANY MATERIAL POSTED ON THIS BLOG AS RECOMMENDATIONS. TO BUY OR SELL BITCOIN OR ANY OTHER INVESTMENT VEHICLE LISTED.

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