Bitcoin Trend Series / EP. 702 / No Clear Patterns

lordoftruth (71)in #bitcoin • 6 years ago (edited)

Time: 7.54 A.M. / GM+2 / 16 Sep 2018 – Sun.

Recapitulation

Bears did not challenge the support 5.911K, as we had expected and Bitcoin price broke out of 6.500K on September 13, facing resistance at 20-day EMA, to show that the sellers are active on pullbacks.
If the bulls break out of the 20-day EMA, a rally will try to push the price towards 6.718K and 6.880K, followed by a downward move.

Market Factors

Africa is often lauded as the next big thing for cryptocurrency adoption and development. But could poor internet access and connectivity slow down progress?
Source

Canadian Cryptocurrency Investment Company, First Block Capital, announced on September 10 that its flagship product, the FBC Bitcoin Trust, has gained the status of a mutual fund trust. This allows accredited investors to put their units into registered accounts such as RRSP or TFSA.
Source

Technical

In our previous post / 701 / we had forecast the trading range will be between 5.911K & 6.880K. The intraday low was 6.370K and the high was 6.572K.
Right now we do not have Clear Patterns to enter either long or short, the reason why we suggest traders remain on the sidelines and wait for a reliable setup to form.
It is important to Monitor the price behavior If Reaching 6.880K, as breaching it will extend Bitcoin price gains to reach 7.188K, but as long as the price below it, the short trend is Bearish and the way is open to 5.911K !

Sentiment

Bitcoin price hit $20K last year, without Goldman Sachs, Morgan Stanley, Citigroup, ETFs and Lightningnetwork, the reason why we believe, the next year ( 2019 ) rally will be bigger than you can ever anticipate !

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

Support 1: 5911.000 level.
Resistance1 : 6880.00 level.

Support 2: 5782.000 level.
Resistance2 : 7188.000 level.

Expected trading for today:
is between 5911.00 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!

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