Bitcoin Trend Series / EP. 700 / Bearish Dynamic Pressure

Time: 8.19 A.M. / GM+2 / 13 Sep 2018 – Thurs.

Recapitulation

• Bitcoin price rise trying to test the resistance 6.497K again. But you should not forget that we have Bearish Dynamic Pressure on 4H chart, and market action has bearish sentiment with 5911K target on daily chart.

• It means that whatever long position you will take on intraday setups - do not marry it, take profit fast. As the short - term trend still Bearish Unless Breaching 6.880K and hold above it, and we still believe that the chances are valid to continue the decline toward 5.911K conform the below Daily Chart !

Market Factors

• Chinese Wuhan General Group Inc. is seeking to acquire a former U.S. Department of Defense data center to transform it into a digital currency mine and house 1,200 mining machines there.

• Mexico took steps to required crypto exchanges and banks offering crypto services in the country to obtain a permit from the Bank of Mexico. Users will also not be allowed to access cryptocurrencies on the same day their accounts are created, under new rules.

Source

Technical

• In our previous post / 699 / we had forecast the trading range will be between 5.911K & 6.497K. The intraday low was 6.202K and the high was 6.443K.

• Stochastic shows clear overbought signals, EMA50 forms continuous negative pressure.

• Most likely the Bearish Trend will continue. Keep an watching eye on Next Station at critical support 5.911K !

Sentiment

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

Support 1: 5911.000 level.
Resistance1 : 6497.00 level.

Support 2: 5782.000 level.
Resistance2 : 6880.000 level.

Expected trading for today:
is between 5911.00 and 6497.00.

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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investing considerable time and effort up front in
hopes of considerable returns down the road.

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

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