Bitcoin Trend Series / EP. 673 / Selloff Mode To New Bottom
Time: 8.23 A.M. / GM+2 / 14th Aug 2018 – Tues.
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 between 5300$/BTC and 5800$/BTC, in our post / 653 / !
Fundamental Background remains the main driver for bitcoin market, the reason why we believe that bitcoin price will be Difficult To Test 4.444K, that we've suggested in the above weekly chart !
Technically Breaking 5.782K, will move bitcoin price to test 5.350K
( New Bottom ) as on the below daily chart !
Market Factors
Bitcoin price have already been on rough seas last week as the SEC decision weighed on bitcoin.
Bitcoin market is actually drawing some demand from the crisis in Turkey as fears of contagion are driving traders away from fiat currencies and European stocks.
The fallout from Friday’s plunge in Turkish Asset prices makes its
way across the Pacific. European and US stocks fell to end the week as worries built that Turkey’s troubles could prove contagious.USD demand remains supported on these safe-haven flows, possibly the main reason why the price of bitcoin is still in Selloff Mode.
Technical
In our previous post / 672 / we had forecast the trading range will be between 5.872K & 6.510K. The intraday low was 5.858K and the high was 6.548K.
Bitcoin price is still trading in the Bearish Channel on 4H shown below, and 6.964K is the resistance that protect the bearish trend, the reason why we believe bitcoin price will keep looking for another bottom
( 5.350K ) for some time !Stochastic hitting oversold levels, RSI indicate selling pressure, and Oscillators reflects bearish exhaustion.
Note; Breaking 5.872K will extend the losses to 5300K-5.500K ( Most Likely 5.350K ) !
Sentiment
current spot prices and 6.964K.
Support 1: 5782.000 level.
Resistance1 : 6510.00 level.
Support 2: 5350.000 level.
Resistance2 : 6964.000 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.
5350.00 / New Low / Expected!
The high of 2018:
11700.00 / Expected!
The low of 2019:
6600.00 / Expected!
The high of 2019:
25000.00 / Expected!
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This post has received a 7.97 % upvote from @boomerang.
this bear market is going to touch new low soon the massive support at $5800 still stands strong