Bitcoin Trend Series / EP. 641 / Bulls Are Still Sleeping

Time: 8.12 A.M. / GM+2 / 2nd July 2018 – Mon.

Recapitulation

• In our post / 607 / dated on 29th May, we wrote;

We doubt the crucial support 7.100K - 7.210K area will hold as the 2 weekly bearish stop grabbers after breaking 7.614K, suggest drop below 6.519K, to test 5.878K reaching 4.300 area, where a Potential Bullish Reversal can take place.

• In our post / 631 / we wrote;

The Accumulated Stops below 5.878K will be triggered, and the price will accelerate lower, right to our destination at 4.300K Area / Butterfly "Buy" that appears on the below chart, within less than 2 weeks.

• Bitcoin price showed positive trading to Bounce Back around the Bearish Channel’s resistance that appears on the below chart.

• Our Final Target around 4.300K has not been reached yet. Keep in mind 4.300K area is the point where bitcoin price should gravitate to, and the below Butterfly most likely will finalize this action.

Market Factors

• Bitcoin price Do not seem to catch a break, even with the recent good news for the asset class that Austria has made crypto currencies available at over 400 post office branches and 1,300 post partners! It wasn't helped either by rumors that a flood in Sichuan China destroyed local Bitcoin mining centers.

• Bulls are still sleeping due to:

I- In South Korean authorities started investigating into cryptocurrency exchanges to check for compliance with tax laws.

II- In the US, there has been a crackdown from the SEC on manipulation of prices and fraud in ICOs.

III- The study from the University of Texas which had found that at least half of bitcoin’s returns last year may have been the result of manipulation.

Technical

• In our previous post / 640 / we had forecast the trading range will be between 5.500K & 6.600K. The intraday low was 6.260K and the high was 6.418K.

• Bitcoin price show Sideways & Tight Trading trying to move out of the bearish channel, while Stochastic & RSI is indicate clear negative signals. The reason why we believe that our bearish scenario is still valid as well and most important moment here is standing Below 6.519K Lows.

• Bitcoin Market holds Harmonic Swings, as you can see on below chart. So we still watching for bearish continuation patterns / "222" Sell.

• No Change to our bearish scenario, conditioned by the price stability Below 6.519K. Noting that breaking 6.039K again, will open the way to head towards 5.500K followed by 4.300K Area / Butterfly "Buy" the final destination and the potential bullish reversal location.

• At press time, bitcoin price is around 6.350K and the bearish trend remain dominant unless breaching 6.519K and settling above it.

Sentiment

Based on the above
We suggest / Bearish Trend / for today.

Support 1: 6039.000 level.
Resistance1 : 6519.00 level.

Support 2: 5500.000 level.
Resistance2 : 6842.000 level.

Expected trading for today:
is between 5500.00 and 6600.00.

Expected trend for today :
Bearish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
4267.00 / Expected.

The high of 2018 (BitcoinTrader's Year):
14469.00 / 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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