Bitcoin Trend Series / EP. 709 / It Isn’t All Sunshine

Time: 8.04 A.M. / GM+2 / 23 Sep 2018 – Sun.

Recapitulation

• There are no change, Bitcoin price has broken the neckline of our Double Bottom target, to activate the positive effect of this pattern, paving the way to 6.880K and 7.050K, shown on the below 4H Chart.

Market Factors

• Grupo XP, the owner of XP Investmentos SA, the largest independent brokerage in Brazil, announced that they would be moving into the cryptocurrency markets by offering a platform exchange for Bitcoin and Ethereum in the coming months. Grupo XP’s CEO, Guilherme Benchimol, spoke about the launch of the new platform while at an event in Sao Paulo earlier this week.
  Source

• Chechnya will create a Eurasian crypto mining pool, the press secretary of the head of the Chechen Republic has reportedly confirmed. The project aims to combine the resources of crypto miners from the Eurasian Economic Union countries.
  Source

• Grayscale Investment Trust is the sponsor of the Bitcoin Investment Trust, and it charges shareholders an annual expense ratio in order to manage the fund. The current charge is 2% of assets, and because the trust's bitcoin holdings don't generate regular income for trust shareholders, Grayscale has the ability to liquidate bitcoin in order to pay itself its fee. That's the reason why over time, each share of the trust will be equivalent to a decreasing amount of bitcoin, as fees eat into the trust's principal assets.

Technical

• In our previous post / 708 / we had forecast the trading range will be between 6.601K & 7.050K. The intraday low was 6.502K and the high was 6.764K.

• We suggest the Bullish Bias for today towards 6.880K and 7.050K unless breaking 6.100K level and holding below it. But it isn’t all sunshine and rainbows, as the investor, who famously claimed to have 20% of his net worth in cryptocurrencies, highlighted that there are still key levels / 6.880K, 8.880K and 10K.

Sentiment

The short term trend is Bullish
unless breaking 6.100K level and holding below it

Support 1: 6601.000 level.
Resistance1 : 6880.00 level.

Support 2: 6100.000 level.
Resistance2 : 7050.000 level.

Expected trading for today:
is between 6.601.00 and 7050.00.

Expected trend for today :
Bullish.

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

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