Bitcoin Trend Series / EP. 739 / 10th Nov. 2018
Recapitulation
- Bitcoin price has failed to attract buyers at this levels and has been gradually declining to turn down from 6.600K. This is a sign of weakness, the reason why we believe the price will resume the main bearish trend, so overall our bearish setup stands intact and chances on a drop below 6.300K increases, to the next target at 5.910K-6040K Area.
Market Factors
- While many experts and investors view the current crypto bear market as a negative, economist Tyler Cowen, professor at George Mason University, believes that a crash is positive because it helps clean up the system.
Technical
- The bearish trend is still suggested conditioned by the stability below 6.497K.
- Note; breaching 6.497K will lead the price to 6.879K before any new attempt to a new decline.
Sentiment
Support 1: 6290.000 level.
Resistance1 :6497.000 level.
Support 2: 6040.000 level.
Resistance2 : 6879.000 level.
Expected trading for today:
is between 6040.00 and 6497.00.
Expected trend for today :
Bearish.
investing considerable time and effort up front in
hopes of substantial returns down the road.