Bitcoin Trend Series / EP. 707 / The Upside Retracement

lordoftruth (71)in #bitcoin • 6 years ago (edited)

Time: 8.34 A.M. / GM+2 / 21 Sep 2018 – Fri.

Bitcoin price found strong support at 6K, and begins today’s trading with clear bullish bias to breach 6.500K and attempts to hold above it, but we believe the bounces will be aggressively sold.
The current Upside Retracement could take different shape but thats not mean that the price will not test 5.911K ! To conclude, we do not see attractive moments for long entry, and any meaningful pullback would treat as a better price level to short the market.
On Daily Chart shown below, no adjustment is needed as we treat the last upside action just as retracement before downside continuation to our major daily target of 5.911K.

On 4H Chart shown below, the price looks ready to confirm its double bottom reversal formation as it tests the neckline, which means that breaching 6.580K might push the price towards 6.880K before any new decline.

Bitcoin Market appears to be drawing support from the latest SEC order on gathering more input for the public as it prepares to make a ruling on the VanEck/SolidX bitcoin ETF Application. Recall that they’ve extended the comment period on this already and might do so again, possibly until February next year !

Japanese Cryptocurrency firm Tech Bureau Corp said about $60 million in digital currencies were stolen from its exchange, high lighting the industry's vulnerability despite recent efforts by authorities to make it more secure.

In our previous post / 706 / we had forecast the trading range will be between 5.911K & 6.500K. The intraday low was 6.340K and the high was 6.645K.
We suggest the Bullish Bias for today towards 6.880K unless breaking 6.260K level and holding below it.
We still expect that Bitcoin price after testing 6.880K will plunge down to 5.782K - 5.911K, the momentum gained from the triggered Stop Orders scattered in the vicinity of support located at 6.040K contributes to this scenario !