Bitcoin Trend Series / EP. 590 / Buying Opportunity / Steem Bounty Reward

Time: 8.10 A.M. / GM+2 / 12th May 2018 – Sat.

• In our previous post / 587 / we wrote: Retracement will be on Waves towards / 8.832K / 8.573K / 8.367K / 7.770K.

• The first 3 targets 8.832K / 8.573K / 8.367K was met. The price now pause around 8.367K but further losses are expected eventually towards 7.770K as our forecast in our previous post / 576 /.

• So keep an eye on the 4th station at 7.770K, as a buying opportunity that build our inverted head and shoulders.

Market Factors

• Apart from the technical signals, which are getting more bearish after a break below the 100-DMA, there are some other drivers behind the continued correction from highs close to the 9.990K.

I- Some negative pressure came from NVIDIA, as the tech firm predicted a big drop-off in cryptocurrency mining demand in the second quarter of 2018:

II- Another source of the increased selling pressure was the news that Mt. Gox trustees have moved another $80 million of digital currency into cold storage.

• Prospects for the end of 2018 keep tormenting every crypto-investor. Bitcoin price continues to suffer losses on Friday and failed to keep above the key 9K and most likely we will see a decline below 8K area.

Technical

• In our previous post / 589 / we had forecast the trading range will be between 8.573K and 9.676K. The intraday high was 9.004K and the low was 8.333K.

• Hourly MACD in the bearish zone and RSI is currently near the extreme oversold levels.

Sentiment

We suggest / The Neutral Trend / for today.
Keep an eye on the 4th station at 7.770K, as a buying opportunity.

Support 1: 8367.000 level.
Resistance1 : 8643.00 level.

Support 2: 7770.000 level.
Resistance2 : 9050.000 level.

Expected trading for today:
is between 7770.00 and 9050.00.

Expected trend for today :
Neutral.

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):
36000.00 level / Expected.

Remember in order to qualify for a @steem-bounty reward
/ Project by @knircky & @famunger /
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