Bitcoin Trend Series / EP. 677 / False Breakout is Possible

Time: 8.47 A.M. / GM+2 / 18th Aug 2018 – Sat.

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 below weekly chart !

Market Factors

• The last decline was most likely caused by the rejection of ETF proposal by the SEC.

1. Some experts still hope to see a Bitcoin ETF in the near future !
2. Others experts are not keen on Wall Street money entering the crypto world, as they believe that Wall-Street managed money will cause more problems !

• Cryptocurrency exchange Binance announced a partnership with Liechtenstein Cryptoassets Exchange (LCX) to form a joint venture called "Binance LCX" that would be offering fiat-to-crypto trading pairs in the Principality of Liechtenstein.

Technical

• In our previous post / 676 / we had forecast the trading range will be between 5.872K & 6.680K. The intraday low was 6.394K and the high was 6.619K.

• The below Daily Chart show that for the past days, the bears have repeatedly pushed prices down from the 6.650K level.

• Failure To Beat 6.680K targets 6.160K ( 0.618 ) and we doubt the price will go above 6.680K, but if this happen, keep in mind that is False Breakout.

• Breaking 6.160K will move the price again to test 6.039K, and breaking 6.039K will extend the losses to 5.872K again. While Breaching 6.680K and holding above it will stop the expected decline.

• The below 4H Chart show, 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.

Sentiment

The trend is Bearish as long as prices are between
current spot prices and 6.680K.

Support 1: 6160.000 level.
Resistance1 : 6680.00 level.

Support 2: 6.039.000 level.
Resistance2 : 6964.000 level.

Expected trading for today:
is between 6.039.00 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!

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!