Bitcoin Trend Series / EP. 729 / Downside Continuation

Recapitulation

• It is difficult to say something definite currently on Bitcoin, as there are no thrilling patterns yet, but as the price shows calm negative trading and technical indicators are reflecting the presence of selling pressure, most likely will see Downside Continuation.

Market Factors

• The spike higher in bitcoin price was seen to be a result of the Selloff In Tether as doubts are emerging on its stability and the financial health of Bitfinex. However, traders quickly booked profits as most of the move was also spurred by FOMO or fear of missing out.

• The launch of Fidelity Digital Asset Services, by leading U.S. investment firm Fidelity, is a step in the right direction, providing institutional players a secure, compliant, and institutional-grade omnibus storage solution for Bitcoin, Ethereum and other
  digital assets.

Technical

• In our previous post / 728 / we had forecast the trading range will be between 6.290K & 6.879K. The intraday low was 6.565K and the high was 6.737K.

• A drop below 6.497K will retest the critical support zone of 6.040K - 5.911K.

• Stochastic, oscillator and RSI reflect that sellers could stay in control.

Sentiment

The short term trend is Bearish

Support 1: 6497.000 level.
Resistance1 :6879.000 level.

Support 2: 6290.000 level.
Resistance2 : 7188.000 level.

Expected trading for today:
is between 6290.00 and 6879.00.

Expected trend for today :
Bearish.

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

Writing a series means playing a long game,
investing considerable time and effort up front in
hopes of substantial returns down the road.

Thanks For Reading & Support