Bitcoin Trend Series / EP. 705 / Dip To 5.911K Might Take Place
Time: 8.30 A.M. / GM+2 / 19 Sep 2018 – Wed.
Recapitulation
- On Daily Chart shown below, there are no reasons to change our view as 5.911K still our major target, taking in consideration that Bitcoin price has dropped on a background of upward action of other markets, FX and Gold.
Failure of our Reverse H&S Pattern most likely will lead to drop below the head of the pattern, and it means that market on its way to our daily 5.911 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, supported by EMA50 that keeps pressing negatively on the price.
Market Factors
Traders are still on edge ahead of the SEC decision on bitcoin ETF applications, worrying that another set of rejections could further delay institutional investments.
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.
Technical
In our previous post / 704 / we had forecast the trading range will be between 5.911K & 6.500K. The intraday low was 6.239K and the high was 6.384K.
Bitcoin price retests the broken support of the intraday bullish channel, but most likely will be followed by a drop, supported by Stochastic that start to lose its positive momentum gradually, while RSI show that bearish pressure is present.
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 !
Sentiment
unless breaching 6.500K and hold above it.
Support 1: 6040.000 level.
Resistance1 : 6500.00 level.
Support 2: 5911.000 level.
Resistance2 : 6880.000 level.
Expected trading for today:
is between 5911.00 and 6500.00.
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!
investing considerable time and effort up front in
hopes of considerable returns down the road.
consider purchasing us a box of beer to BTC Address:
3AmNtmR5F9RkACUyec9wTy2a1EP6B54t66
please no more downs in bitxoin 🙁
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Dear @lordoftruth, thank you to come into our steem-bounty family, i hope you will use this service a lot to give us your analysis, could you make one for Steem? Regarding BTC, as i told many time, till it will not rise 10k usd, the crypto market will not be stable. Of course reach again 20k usd it means a lot fiat money come in again, but frankly speaking i do not see the conditions to this happen and i will be very happy if it will come to 10k usd as gold reference for all alt coins exchange rate
Usually I don't feel danger holding BTC because It will always have a value. Just like gold. I'm not a daily trader, I just like to hold for future. and I'm very optimistic on the long term..
Thank you for your analysis.. This gives us more motivation !
hmm we have dropped for a long time now, I guess sentiment is not changing short term looking to January myself for a revisit to a higher range.
well im waiting fot BTC at 4800 Usd
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Soon very soon we will fly to the moon!I am sure about that!;)
Waiting for that dip the orders are placed time to hit it :D
25000.00 woow if it happened steem also will up to 3 usd
I don´t think BTC price can drop anymore. It is improtant to notice the recent rise in USD price, so compared to other currencies the price drop is not that high.