Bitcoin Trend Series / EP. 679 / The Broad Range 6.039K - 6.680K

Time: 8.42 A.M. / GM+2 / 20th Aug 2018 – Mon.

Recapitulation

• 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 below weekly chart !

Market Factors

Bitcoin Exchange Traded Funds / ETF are yet to become a reality for US investors keen on sinking their hard-earned capital to this coveted security instrument. According Bloomberg, NASDAQ Stockholm is now creating opportunities for investment through exchange traded notes / ETN.

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Technical

• In our previous post / 678 / we had forecast the trading range will be between 6.039K & 6.680K. The intraday low was 6.310K and the high was 6.550K.

• Conform Daily Chart, the bears have repeatedly pushed prices down from the 6.650K level, the reason why we believe that 6.160K will be The Crucial Area, as if bitcoin price drop back below 6.160K, this will increase chances on further drop !

• Breaking 6.160K will move the price again to test 6.039K, and breaking 6.039K will extend the losses to 5.872K again. While Breaching 6.680K and holding above it will stop the expected decline.

• Bitcoin price remains in a Broad Range 6.039K- 6.680K, and today it may continue to trade sideways. Conform 4H Chart, the bulls is likely to face resistance around the Zone 6.650K - 6.680K.

Sentiment

The trend is Bearish as long as prices are between
current spot prices and 6.680K.

Support 1: 6160.000 level.
Resistance1 : 6680.00 level.

Support 2: 6.039.000 level.
Resistance2 : 6964.000 level.

Expected trading for today:
is between 6039.00 and 6680.00.

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!

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

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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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