Bitcoin Trend Series / EP. 706 / Technical Indicators Show Presence Of Selling Pressure

Time: 8.25 A.M. / GM+2 / 20 Sep 2018 – Thurs.

Recapitulation

• On Daily Chart shown below, no adjustment is needed as we treat the last upside action just as retracement before downside continuation to our major daily target of 5.911K.

• 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 tested the resistance located at 6.500K and keeps its stability below it, 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.

Market Factors

• Cryptocurrency prices were mixed as the Australian Securities & Investments Commission (ASIC) said in a statement that it is stepping up scrutiny on misleading initial coin offerings (ICOs).

• The pickup in volatility over the past 24 hours is being pinned on short positions building up leading to the SEC decision on the bitcoin ETF Applications from VanEck and SolidX.

• Japanese Cryptocurrency firm Tech Bureau Corp said about $60 million in digital currencies were stolen from its exchange, high lighting the industry's vulnerability despite recent efforts by authorities to make it more secure.

Technical

• In our previous post / 705 / we had forecast the trading range will be between 5.911K & 6.500K. The intraday low was 6.100K and the high was 6.549K.

• Technical Indicators are showing the presence of selling pressure, EMA50 continues to press negatively on the price, Stochastic shows clear overbought signals, while RSI looks ready to turn lower.

• We still expect that Bitcoin price to plunge down to 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

The short term trend is Bearish
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!

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

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!