Bitcoin Trend Series / EP. 605 / Bears Have Control & Sentiment Suggest Bears End!

Time: 7.55 A.M. / GM+2 / 27th May 2018 – Sun.

Recapitulation

• Bitcoin price dipped Thursday after a report that the Justice
  Department has opened a criminal investigation into whether traders are manipulating the price, dropped to 7.220K, earlier.

• At press time, bitcoin is trading for around 7.300K. So the price is still stable in upward channel, while the bears still have primary control, sentiment does suggest that this is only temporary, and that one uptrend is all that’s really needed for the bulls to step in.

Market Factors

• One of the reasons of the drop may came from India, as India
  seems to have a Solid Grip on cryptocurrencies. Back when the RBI first announced its ban on bitcoin business-bank relationships, bitcoin price had a several nasty falls to the 5.947K, and when the recovery has begun, it appears India is once again stepping into the mix and enforcing its power.

• We believe the drop may finally be coming to an end as many investors bought stakes in bitcoin just before the launch of Bitcoin Futures to allowed these holders to short their bitcoins with ease and most likely the bears’ hold on bitcoin may be coming to an end relatively soon.

Technical

• In our previous post / 604 / we had forecast the trading range will be between 7.210K and 8.175K. The intraday high was 7.624K and the low was 7.220K.

• We still see a Stable Upward Channel. So, if we get a bounce around 7.100K -7.210K area, the next stop should be the upper green line, and that would mean 10.158K level.

• Note; A clear break below the current support 7.100K - 7.210K area
  ( Daily Close ) will move the price below 5.947K towards the next major support level at 5.878K.

Sentiment
As we believe, the bear market is running out of gas,
we will still suggest / Slighty Bullish Trend / for the rest of weekend.

Support 1: 7210.000 level.
Resistance1 : 8175.00 level.

Support 2: 7100.000 level.
Resistance2 : 8400.000 level.

Expected trading for today:
is between 7210.00 and 8175.00.

Expected trend for today :
Slighty Bullish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
5947.00.

The high of 2018 (BitcoinTrader's Year):
16046.00 / Expected.

The low of 2019: ???

The high of 2019 (Bitcoin Holder's Year):
36000.00 level / Expected.

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

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

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