Bitcoin Trend Series / EP. 694 / The Sharp Drop

in bitcoin •  16 days ago

Time: 8.43 A.M. / GM+2 / 06 Sep 2018 – Thurs.

Recapitulation

  • As we expected the Retracement got start below 7.497K ( Shown on below yesterday 4H chart ) due the Butterfly, and Bitcoin price dropped sharply to break the key supports at 7.188K & 6.880K outside the Bullish Channel to push the price in Bearish Zone.

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Market Factors

  • Bitcoin price dropped amid a report that Goldman Sachs is pulling back on plans to set up a crypto trading desk, as it still sees the regulatory environment as ambiguous.

  • Traders looking to make Quick Profits off the market, as some start to worry due to the doubts on SEC ruling for bitcoin ETF applications awaiting a decision by the end of the month !

  • The upside appears to be Short-Lived as the market cap dropped from $239B to $200B in less than 24 hours !

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Technical

  • In our previous post / 693 / we had forecast the trading range will be between 6.880K & 7.497K. The intraday low was 6.302K and the high was 7.404K.

  • Most likely the price is on its way to Suffer More Losses to set its sights on the long-term support around 5.782K from here !

  • Technical indicators reflect mixed signals, RSI signals the selling pressure is in play, and Stochastic indicates that the sellers might take
    a break.

Sentiment

The trend is Bearish,
unless breaching 6.880K and hold above it !

Support 1: 6040.000 level.
Resistance1 : 6880.00 level.

Support 2: 5782.000 level.
Resistance2 : 7188.000 level.

Expected trading for today:
is between 6040.00 and 6880.00.

Expected trend for today :
Bearish.

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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Today is an important day for crypto. EU finance minister reunite to discuss the future of cryptocurrencies. A regulation about them it is supposed to be finished at the end of this year.

http://theblockchainfeed.com/reddit-news/eu-finance-ministers-will-meet-on-september-7-to-discuss-the-future-of-cryptocurrencies/

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F*** !
But whatever will happen, BTC is my favourite asset :-)

the fucking drop killed the fucking steem fucking rate 😢😭 sorry for the abuse but you know na how it feels

The low of 2018
5k $

What just happen with bitcoin drastic fall : (

·

speculation :D

Yeah i was speckting that but still we have a chance to get to the 7,700 Usd

I am not an expert in this matter. But I think that bitcoin could recover value if on the internet projects are designed to attract customers, how to sell projects and products, in the internet space where there are clearly people identified with said product or project I hope the bitcoin at some point regains value, many of us need that currency as an additional way to get money in an innovative way