Bitcoin Trend Series / EP. 586 / They Want 20k Back / Steem Bounty Reward

Time: 8.53 A.M. / GM+2 / 8th May 2018 – Tues.

• Bitcoin price re-freshed highs over the weekend, but then corrected rather sharply and continues to retreat on Monday. The price reached 9.990K / Below 200-Day MA / which was a magnet for bulls during the last couple of days.

• They want 20k back, living in their dreams. But for now bitcoin price have chance to get out around 10.158K only as / A Bounce Back up to The Swing High Around 10.075K / is expected, but will be so tough to break 10.075K - 10.476K area to the upside.

Market Factors

• Profit-taking at 9.990K / Has Been Anticipated / but traders appear to have reacted negatively to remarks from Buffet and Gates. As both have expressed bearish views, citing that / Bitcoin is Rat Poison / and is mostly just driven by speculation.

• We believe the correction is more of / A Technical Nature / as the current retreat looks quite natural and healthy, considering the importance and strength of the resistance formed by 10.158K.

Technical

• In our previous post / 585 / we had forecast the trading range will be between 8.800K and 9.767K. The intraday high was 9.471K and the low was 9.182K.

• Looking at the chart, it seems like the price could accelerate gains 10.158K level first, followed by a deep downside retracement second towards 7.770K, as 10.158K completes a lot of other patterns / like 4H Butterfly "Sell" and 1H 3-Drive "Sell" / to build our Inverted Head & Shoulders Pattern, as we wrote in our previous post / 573 / before any new attempt to re-win the bull trend again.

• Stochastic is turning back up to suggest a return in bullish wave, and RSI is moving higher reflecting bearish exhaustion.

• On 1D we have / Classical Triangle Pattern / with upper border between 10.10K -10.20K ( 10.158K ).

• On 4H / Deep Retracement Should Come / due appearing of upside reversal swing.

To conclude, we believe the price might reach the 10.100K - 10.200K first, followed by a deep retracement, based on 4H Butterfly "Sell" and 1H 3-Drive "Sell" towards 7.770K. As any move above 10K for moment will be
/ Short Lived And Not Healthy / for the long term trend for now.

Sentiment
ALL THE WAYS WILL LEAD THE PRICE TO 7.770K!

• We will still suggest / Slighty Bearish Trend / for today, associated with / Swingy Move / between 9.038K and 10.158K.

Support 1: 9038.000 level.
Resistance1 : 9767.00 level.

Support 2: 8542.000 level.
Resistance2 : 10158.000 level.

Expected trading for today:
is between 9038.00 and 10158.00.

Expected trend for today :
Slighty Bearish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
5947.00.

The high of 2018 (BitcoinTrader's Year):
12407.00 - 13660.00 Area / Expected.

The high of 2019 (Bitcoin Holder's Year):
25000.00 level / Expected.

Remember in order to qualify for a @steem-bounty reward
/ Project by @knircky & @famunger /
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