Time: 8.30 A.M. / GM+2 / 10th May 2018 – Thurs.
Harry prays to God:
Please push Bitcoin price higher.
The second day Harry prays again:
Please make let the bull ride the market, Lord!
The third day, Harry begs:
Please Lord, push the price above 10K!
Suddenly he hears a voice from above:
Harry, would you kindly go and buy some Bitcoin.
Harry BGT Bitcoin and the 8.980K Low Was Quickly
Bought to a 9.375K High!
- The downward move this week coincided with a Harsh Critique from some billionaire investors that denied Bitcoin was an investment, insisting it was pure speculation:
Warren Buffett insisted;
When you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along.
Bill Gates said;
I would short it if there was an easy way to do it.
Nick Colas added;
The launch of bitcoin futures allowed pessimists to enter the market, which contributed to the reversal of the bitcoin price dynamics.
- Riskier assets like Bitcoin ( For now ) are being weighed down by risk aversion stemming ( Trump - Iran Deal ) from geopolitical risk ( This usually cause more bullish for the dollar and other safe-haven assets ).
In our previous post / 587 / we had forecast the trading range will be between 8.573K and 9.676K. The intraday high was 9.375K and the low was 8.980K.
Bitcoin price found support at 8.980K and shows sideways trading around 9.3K for now. Holding above 9.038K will push the price to the next resistance at the 38.2% extension at 9.600K or to the the full extension is at 10.158K.
Technicals indicators suggest the selloff could still resume, Stochastic suggests that sellers still have enough energy to push bitcoin price for more losses, and RSI indicate a return in selling momentum.
Clear break below 9.038K will move the price to the next station at 8.832K.
On 1D we have / Classical Triangle Pattern / with upper border between 10.10K -10.20K ( 10.158K ). So any move above 10K for moment will be limited to 10.158K and / Short Lived /.
On 4H / Deep Retracement Should Come / due appearing of upside reversal swing.
To conclude, A deep retracement, basd on 4H Butterfly "Sell" and 1H 3-Drive "Sell" is expected and most likely the / Retracement will be on Waves / towards: 8.832K / 8.573K / 8.367K / 7.770K.
...No Change...
We suggest / The Bearish Trend / for today.
Support 1: 8573.000 level.
Resistance1 : 9421.00 level.
Support 2: 8367.000 level.
Resistance2 : 9767.000 level.
Expected trading for today:
is between 8573.00 and 9767.000.
Expected trend for today :
Bearish.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5947.00.
The high of 2018 (BitcoinTrader's Year):
16046.00 / Expected.
The high of 2019 (Bitcoin Holder's Year):
25000.00 level / Expected.
/ Project by @knircky & @famunger /
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