Bitcoin Trend Series / EP. 675 / The Situation Looks Ambiguous
Time: 9.01 A.M. / GM+2 / 16th Aug 2018 – Thurs.
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 encountered another blow when Coinbase CEO Armstrong warned that it may take longer for mass adoption to take place. He explained:
This technology is going through a series of bubbles and corrections, and each time it does that, it’s at a new plateau. People’s expectations are all over the map, but real-world adoption has been going up.
Technical
In our previous post / 674 / we had forecast the trading range will be between 5.872K & 6.510K. The intraday low was 6.212K and the high was 6.647K.
The situation Looks Ambiguous as bitcoin price returned in the area of its lows where it received support in February and June, and the bears have tried four times to break 6.000K level since February of this year, but have failed and the price keeps bouncing off, because the buyers are accumulating around 6.000K !
4H Chart show currently, the bulls is likely to face resistance around the Zone 6.650K - 6.680K, where the bears try to defend the downtrend line and the moving averages.
Failure To Beat 6.680K targets 6.039K and we doubt this will hold on the next test as further losses targets 5.782K and 5.350K, most likely !
Stochastic indicate oversold, and RSI show that some selling pressure left.
Note; Breaking 6.039K will move the price again to test 5.872K, and breaking 5.872K will extend the losses to 5300K-5.500K ( Most Likely 5.350K ) !
Note; Breaching 6.680K.00 and holding above it will stop the expected decline.
Sentiment
current spot prices and 6.680K.
Support 1: 6039.000 level.
Resistance1 : 6680.00 level.
Support 2: 5872.000 level.
Resistance2 : 6964.000 level.
Expected trading for today:
is between 5782.00 and 6680.00.
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!
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.
What do you think of Tether printings those days? We are up to 270M like last April and remember the big 1K$ up to squeez shorts!
Sir what your suggestion that is it right time to enter in bitcoin?
Posted using Partiko Android
Let's keep watching
better to wait and to go with the flow!
Not thinking now about it for short term its all about long term now
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