Bitcoin Trend Series / EP. 692 / Butterfly & MACD Divergence

Time: 9.07 A.M. / GM+2 / 04 Sep 2018 – Tues.

Recapitulation

• Bitcoin price keeps its positive stability inside the Bullish Channel shown on below 4H Chart supported by EMA50 and we still waiting for more rise towards our third target, located at 7.497K, followed by a pull back towards 6.880K !

Market Factors

• The job market in Blockchain & Cryptocurrency industries in Asia is growing and many are shifting from their traditional jobs to be a part
  of this budding technology.

• Japanese messaging app LINE is planning to launch its own cryptocurrency in September.

• The launch of Ethereum Futures might wind up positive for
  Bitcoin Market !

Technical

• In our previous post / 691 / we had forecast the trading range will be between 6.880K & 7.497K. The intraday low was 7.200K and the high was 7.369K.

• The short term trend still Bullish but by taking a look at 4H Chart, we can see that the last upside leg takes the shape of Butterfly, this butterfly accompanied by MACD Divergence suggests a pull back towards 6.880K! The reason why we believe a drop towards 6.880K might take place around or below 7.497K !

• RSI signals that selling pressure might return, and Stochastic indicates that the bearish pressure is in play.

Sentiment

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

Support 1: 7188.000 level.
Resistance1 : 7285.00 level.

Support 2: 6880.000 level.
Resistance2 : 7497.000 level.

Expected trading for today:
is between 6880.00 and 7497.00.

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!

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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If You are New in Trading  --> Read Trading Education Center / Volume I.    

What You Know About --> Fibonacci Retracement in Trending Market.   

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