Bitcoin Trend Series / EP. 688 / Bullish Dynamic Pressure

Time: 8.34 A.M. / GM+2 / 31th Aug 2018 – Fri.

Recapitulation

• Bitcoin price traded negatively yesterday and tested 6.802K, close to the Key Support AT 6.880K and rebound bullishly inside the bullish channel shown on below 4H Chart.

• EMA50 managed to protect the price from suffering more losses towards 6.519K, and MACD goes south while price action mostly Stands Flat. This combination reduces the chances on another leg down, below 6.519K and indicate signs of Bullish Dynamic Pressure.

Market Factors

• As today the end of the month, Profit Taking flows could be seen so be mindful of any sharp dips as traders try to book profits off recent positions.

• Traders still optimistic that the SEC could have a more positive decision in the pending bitcoin ETF applications.

Technical

• In our previous post / 687 / we had forecast the trading range will be between 6.519K & 7.285K. The intraday low was 6.802K and the high was 7.019K.

• Bitcoin price could try to visit 50% extension at 7.188K conditioned by price stability above Key Support AT 6.880K, while breaching 7.188K could lead the price towards 7.285K followed by 7.497K / 61.80% FIB.

• RSI signals that the buyers have the upper hand, and Stochastic indicates a return in bullish pressure.

Sentiment

The trend is Bullish,
unless breaking 6.880K and hold below 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 6880.00 and 7285.00.

Expected trend for today :
Bullish.

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!

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

If you believe, that our little blog is useful for you,
consider purchasing us a box of beer to BTC Address:
3AmNtmR5F9RkACUyec9wTy2a1EP6B54t66

YOU SHOULD NOT TAKE ANY MATERIAL POSTED ON THIS BLOG AS RECOMMENDATIONS. TO BUY OR SELL BITCOIN OR ANY OTHER INVESTMENT VEHICLE LISTED.

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

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

If You Like To Read About Syrian War --> Click Here!