Bitcoin Trend Series / EP. 678 / Next ETF Decision & Crucial Area

Time: 8.42 A.M. / GM+2 / 19th Aug 2018 – Sun.

The Next ETF Decision Deadline

Next ETF decision deadline is August 23rd, but the SEC may announce
the decision a few days before !

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• E-mail Alerts.
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To have access to the ETF News within 2 minutes of the official ruling posting on the SEC website, to take advantage of the quick and large bitcoin price movements that follow ETF decision.

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Recapitulation

• 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

• Research From Northwestern University suggests that there must be some kind of compromise between central banks and Bitcoin’s ecosystem.

• The Proof Of Work protocol currently present in the cryptocurrency’s consensus model is serving as an obstacle to adoption because of the low transaction volume, according to the university.

  When you look at two networks like bitcoin and a central bank, one is centralized and one is not. If we want it [Bitcoin] to scale we have to compromise, which means we need to get to some level of centralization.

Said Sarit Markovich, clinical associate professor of strategy at Kellogg School of Management at Northwestern University.
For more info, feel free to click here

Technical

• In our previous post / 677 / we had forecast the trading range will be between 6.039K & 6.680K. The intraday low was 6.300K and the high was 6.537K.

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

• 6.160K will be Crucial Area forbit coin bulls, as if bitcoin price drop back to lows will increase chances on further drop !

• 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 6039.00 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!

Writing a series means playing a long game,
investing considerable time and effort up front in
hopes of considerable returns down the road.

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