Bitcoin Trend Series / EP. 689 / Bullish Dynamic Pressure & Consolidation Mode

Time: 8.40 A.M. / GM+2 / 01 Sep 2018 – Sat.

Recapitulation

• Bitcoin markets seem to continue the Consolidation Mode, as bitcoin price keeps stability above 6.880K as expected, supported by EMA50,
  the reason why we believe that the Bullish Dynamic Pressure will try to move the price towards 50% extension located at 7.188K conditioned by price stability above Key Support AT 6.880K, while breaching 7.188K could lead the price towards 7.285K followed by 7.497K / 61.80% FIB.

Market Factors

• While day traders could be responsible for the ranging market, bitcoin is stuck in. The coin may need Something Big to reactivate the long-term trend !

• There are some countries, like Argentina where economic stability is lowest that cryptocurrencies could help most.

• Traders still optimistic that the SEC could have a more positive decision in the pending bitcoin ETF applications.

Technical

• In our previous post / 688 / we had forecast the trading range will be between 6.880K & 7.285K. The intraday low was 6.881K and the high was 7.100K.

• Bitcoin price most likely, will try to visit 50% extension located at 7.188K conditioned by price stability above Key Support AT 6.880K, while breaching 7.188K could lead the price towards 7.285K followed by 7.497K / 61.80% FIB.

• Keep in mind, If the Bears Sink Prices Below 6.880K, our bullish view will be invalidated.

Sentiment

The trend is Bullish,
unless breaking 6.880K and hold below it !

Support 1: 6880.000 level.
Resistance1 : 7188.00 level.

Support 2: 6519.000 level.
Resistance2 : 7497.000 level.

Expected trading for today:
is between 6880.00 and 7285.00.

Expected trend for today :
Bullish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
5782.00 / Fundamental Barrier / Done.

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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