Bitcoin Trend Series / EP. 734 / Next Major Event

Recapitulation

• Bitcoin Market has shaken out the HODLers this year and the traders will be next if volatility continues to remain on the floor, and as we see in below 1H it is traded in a 1% range yesterday and continue to provide tight trades in general around EMA50, the reason why we believe that our bearish scenario is still valid.

Market Factors

• Bitcoin Price still seems wary of industry developments or might be waiting for bigger catalysts that could sustain gains.

• Traders Are Looking to the ICE Bakkt bitcoin futures possibly by next month in order to provide some direction. Recall that CME bitcoin futures were blamed for the massive drop that ensued last year, so there is some degree of concern among investors once more.

• The Next Major Event that can move the markets is the outcome of the pending Bitcoin Exchange-Traded Fund (ETF) proposals submitted to U.S. Securities and Exchange Commission (SEC).

Technical

• Technical picture mostly look Bearish as long as the price is around 6.497K.

• Technical Indicators reflect the presence of bearish pressure as Stochastic & RSI signal that sellers have the upper hand.

• The stability around 6.497K, most likely will lead the price to test 5.910K - 6.040K area.

Sentiment

The short term trend is Bearish

Support 1: 6290.000 level.
Resistance1 :6497.000 level.

Support 2: 6040.000 level.
Resistance2 : 6879.000 level.

Expected trading for today:
is between 6290.00 and 6879.00.

Expected trend for today :
Bearish.

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

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