Bitcoin Trend Series / EP. 674 / Bullish Divergence

Time: 8.44 A.M. / GM+2 / 15th Aug 2018 – Wed.

Recapitulatin

• Technically our major weekly target stands at 4.444K, the butterfly target, that we've mentioned in our post / 648 / !

• Fundamentally, we've estimated that Bitcoin Breakeven Mining Expense stands between 5300$/BTC and 5800$/BTC, in our post / 653 / !

• Fundamental Background remains the main driver for bitcoin market, the reason why we believe that bitcoin price will be Difficult To Test 4.444K, that we've suggested in the above weekly chart !

• Technically Breaking 5.782K, will move bitcoin price to test 5.350K
  ( New Bottom ) as on the below daily chart !

Market Factors

• Another round of negative commentary came from ex-PayPal CEO Bill Harris who mentioned in an interview to CNBC:

  The cult of bitcoin [makes] many claims — that it’s instant, free, scalable, efficient, secure, globally accepted and useful — it is none of those things.

Technical

• In our previous post / 673 / we had forecast the trading range will be between 5.872K & 6.510K. The intraday low was 5.940K and the high was 6.400K.

• Bitcoin price provided a Bullish Divergence on its way to test EMA50
  to signals that a bounce may happen, before the return to trading in the Bearish Channel on 4H shown below.

• Stochastic support the bearish move, RSI create a bullish divergence, and Oscillators signal a return in bullish pressure.

• Note; Breaking 6.039K will move the price again to test 5.872K, and breaking 5.872K will extend the losses to 5300K-5.500K ( Most Likely 5.350K ) !

Sentiment

The trend is Bearish as long as prices are between
current spot prices and 6.964K.

Support 1: 6039.000 level.
Resistance1 : 6510.00 level.

Support 2: 5872.000 level.
Resistance2 : 6964.000 level.

Expected trading for today:
is between 5782.00 and 6510.00.

Expected trend for today :
Bearish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
5782.00 / Fundamental Barrier / Done.
5350.00 / New Low / Expected!

The high of 2018:
11700.00 / Expected!

The low of 2019:
6600.00 / Expected!

The high of 2019:
25000.00 / Expected!

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 considerable returns down the road.
I'm so proud of my little blog, and so grateful to all of you
for support to keep it going.

If You are New in Trading  --> Read Trading Education Center / Volume I.    

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

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