Bitcoin Trend Series / EP. 585 / Trading Noise / Steem Bounty Reward
Time: 8.34 A.M. / GM+2 / 7th May 2018 – Mon.
- The past days provided some bullish behavior as Bitcoin price broke through the resistance 9496.000 level / 5H EMA10, and showed signs of being overbought at 9.990K. So Bitcoin price has yet to cross the 200-Day MA though it has come within a hair’s breadth, followed by a rejection from 9.990K to 9.259K.
- Human behavior tries to explain trading noise as a meaningful trend! This confuses the majority which, in turn, contributes to their role as bagholders of trend transitions.
- Bitcoin is in a bear market at the moment and my belief that growth cannot resume until we have achieved a sound enough trading environment and a healthy pull back to 8K level, before a flashing buy.
In our previous post / 584 / we had forecast the trading range will be between 9.496K and 9.990K. The intraday high was 9.912K and the low was 9.259K.
Bitcoin price is overbought for the short-term and the long term picture projects continued recovery once bitcoin trades above the 200-day MA and above the strong resistence 11.785K.
MACD is slowly reducing its bullish slope and RSI is moving lower from the 70 level.
The current rejection from 9.990K will try push the price below 9K to test 8.357K followed by 8.165K, 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.
- Note; Daily close above 9.990K, will cancel our scenario to lead the price towards 10.158K followed by 11.30K at 38.2% Fibonacci line, followed by crashes at least 70% again. As any move about 10K for moment will be short lived and not healthy for the long term trend.
- We will suggest Slighty Bearish Trend in the upcoming period, unless breaking 9.990K level / Daily Close / and holding above it, that most likely will lead the price for a correction, towards our targets 8.357K and 8.165K , before any attempt to rise towards 12.407K.
Support 1: 8643.000 level.
Resistance1 : 9767.00 level.
Support 2: 8165.000 level.
Resistance2 : 9990.000 level.
Expected trading for today:
is between 8800.00 and 9767.00.
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.
/ Project by @knircky & @famunger /
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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.
this pullback shows that the run up past 10k likely wont happen this month. probably not even this quarter. eventually though after it breaks that barrier beyond 10k we will see a great run to 13-15k by December.
this is a year that will really shake weak hands
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Another opportunity now to buy some cheap coins...
Looks like Bitcoin is taking a breather, that's a pretty good sign, considering the strong upwards movement the last few weeks! Nothing goes up forever.. Hoping it will consolidate at the current levels, before returning to the uptrend👍
i think its another opportunity for investing......
I saw Your analysis work greatly.
You Are Good at this
Thanks for your good work.
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Goodmorning and thx again for the update.
Hope also that everything going well with your health (the most important of all)
is it possible in the resistances/supports to note how you calculate them? for example 2 days ago you had a support based on EMA50 (you had a note for it) Can you please include it for all values. helps me understand how you draw them. Thank you
we can buy now cheap rate,
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Bitcoin Trend Series / EP585 / Trading Noise / Stem Barbie Award from this post really got lots of informatoin.