Bitcoin Trend Series / EP. 704 / Deep In Red Once More

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

Time: 8.17 A.M. / GM+2 / 18 Sep 2018 – Tues.

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

On 4H Chart shown below, Bitcoin price has shown Strong Negativity to break 6.460K on its way to 5.911K, so further losses are in the cards as the bearish bias is expected for today unless breaching 6.500K and hold above it.

USD edged higher against its peers on Tuesday after the United States imposed a new round of tariffs on Chinese Imports, exacerbating global trade woes and fuelling demand for the safe-haven greenback.
President Trump warned that if China retaliates, the country would immediately pursue extra tariffs on $267 billion of Chinese goods.
Risk aversion has returned to broader financial markets on account of the fresh set of tariffs imposed by the US on China, these tariffs, which are due to take effect on September 24, levy 10% of duties worth of Chinese Goods and the rate would increase to 25% by the end of the year.
Traders are dumping their riskier holdings and flocking back to the safe-havens. Cryptocurrencies have been deep in red once more, with declines led by Ethereum !

In our previous post / 703 / we had forecast the trading range will be between 6.200K & 6.880K. The intraday low was 6.202K and the high was 6.516K.
We still expect that Bitcoin price to plunge down into 5.782K - 5.911K, the momentum gained from the triggered Stop Orders scattered in the vicinity of support located at 6.040K contributes to this scenario !