Bitcoin Trend Series / EP. 687 / Bearish Price Action

in bitcoin •  6 years ago  (edited)

Time: 8.28 A.M. / GM+2 / 30th Aug 2018 – Thurs.

Recapitulation

  • After eight months of Bearish Price Action, we still expect that the Bear Market isn’t over yet, because bitcoin market is forming bearish flag on daily chart, and this current action doesn't correspond to nature of reversal action !

  • Bitcoin price tested yesterday 6.924K close to the Key Support AT 6.880K and keeps its stability above it, and still supported by EMA50 inside the Bullish Channel that appears on below 4H chart.

  • Bitcoin price could be due for a Pullback from its ongoing climb, towards the bullish channel bottom, as the price action doesn't look like real reversal !

Market Factors

  • The mood is somewhat positive in the industry as investors await the SEC Decision on pending bitcoin ETF applications. To top it off, risk appetite has been evident in global financial markets thanks to developments in NAFTA and Brexit.

Technical

  • In our previous post / 686 / we had forecast the trading range will be between 6.519K & 7.285K. The intraday low was 6.924K and the high was 7.139K.

  • RSI signal that sellers have the upper hand, Stochastic sustained bearish momentum.

  • Note; Breaking 7.188K / 50% FIB might extend the upmove action towards 7.497K / 61.80% FIB before any new decline.

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Sentiment

The trend is Slighty Bearish,
unless breaching 7.497K / 61.80% FIB and holding above it !

Support 1: 6880.000 level.
Resistance1 : 7188.00 level.

Support 2: 6519.000 level.
Resistance2 : 7497.000 level.

Expected trading for today:
is between 6519.00 and 7285.00.

Expected trend for today :
Slighty Bearish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
5782.00 / Fundamental Barrier / Done.

The high of 2018:
11700.00 / Expected!

The low of 2019:
6600.00 / Expected!

The high of 2019:
25000.00 / Expected!

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hopes of considerable returns down the road.

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6 years ago by

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      ·  6 years ago (edited)

    Absolutely not so important but you always say "RSI signal that", it should be "RSI signals that", 3rd person always "s" after verb. I am clearly going for the bounty here :-)

    And once again, although market is kind of boring in crypto terminology, your daily update is still much appreciated

    Posted using Partiko Android

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    1 vote
    [-]
      ·  6 years ago 

    Fully agree. Volume not sufficient for sustaining and confirming reversal.
    Trade in the channel is the perfect option.
    Cheers

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    [-]
      ·  6 years ago 

    @lordoftruth has set 0.252 STEEM bounty on this post!
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        ·  6 years ago 

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          ·  6 years ago 

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          [-]
            ·  6 years ago 

          RSI in overbought territory with the stochastic on a down cross...doesn’t look like enough steam to be a sustainable bull run.

          We’re seeing a bit of a correction now...but I’m expecting a higher low.

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          [-]
            ·  6 years ago 

          your analysis really helping a lot in this bear market :)

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            [-]
              ·  6 years ago 

            and there is always hope of bitcoin to rise

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              [-]
                ·  6 years ago 

              Bullish news all over the news, really high retracement, many shorts closed and longs opened(esp. alts longs are x3+ over shorts). I am heavy short with this in my opinion last try to get 7k within 40days(you could say all in with money i am willing to lose). Target at least low 5k$. 1 thing i am sure of there should be fireworks(big candles).

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