Bitcoin Trend Series / EP. 703 / Bullish Pattern

in #bitcoin2 years ago (edited)

Time: 1.31 P.M. / GM+2 / 17 Sep 2018 – Mon.

Recapitulation

  • On Daily Chart there are no reasons to change our view as 5.911K
    still our major target.

  • Bitcoin price has not shown solid drop till this moment, while other markets collapsed and the price’s recent trades are confined within bullish pattern ( Reverse H&S Pattern ) shown on the below 4H Chart that its classic target stands around 6.880K.

  • So we will treat this current upside action toward 6.880K as Retracement, that most likely will be followed by downward action
    to 5.911K.

111.jpg

Market Factors

  • It seems that buyers are starting off on a relatively positive note so far this week, as there have been no negative updates over the weekend.

Technical

  • In our previous post / 702 / we had forecast the trading range will be between 5.911K & 6.880K. The intraday low was 6.413K and the high was 6.543K.

  • The short term trend is bullish, supported by Stochastic and EMA50 positivity.

Sentiment

The short term trend is Bullish
But keep in mind, that Bitcoin price needs to breach 6.500K
to activate the above positive pattern.

Support 1: 6200.000 level.
Resistance1 : 6600.00 level.

Support 2: 5911.000 level.
Resistance2 : 6880.000 level.

Expected trading for today:
is between 6200.00 and 6880.00.

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.

If you believe, that our little blog is useful for you,
consider purchasing us a box of beer to BTC Address:
3AmNtmR5F9RkACUyec9wTy2a1EP6B54t66

www.jpg

YOU SHOULD NOT TAKE ANY MATERIAL POSTED ON THIS BLOG AS RECOMMENDATIONS. TO BUY OR SELL BITCOIN OR ANY OTHER INVESTMENT VEHICLE LISTED.

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

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

If You Like To Read About Syrian War --> Click Here!

5000.gif

Sort:  

Hey @lordoftruth what do you think about this article https://ethereumworldnews.com/fundstrat-bitcoin-hashrate-breakeven-mining/ i know it differs from place to place but i recall you posting a few weeks ago that bitcoin was 6k to mine. Apparently theyre mining at a loss according to this article

It differs from country to another, feel free to check the below list,
Or check the post :

https://steemit.com/bitcoin/@lordoftruth/bitcoin-trend-series-ep-653-mining-break-even-price

Thanks for support

wow I guess it could go a lot lower then

swinging in the downtrend but hopefully will be going up for a little while