Time: 8.25 A.M. / GM+2 / 16th May 2018 – Wed.
Bitcoin price resumed its Negative Trading Below 8.643K supported by EMA50, that formed solid resistance against bitcoin price, trying to approach our 4th Waited Target located at 7.770K,
as our forecast in the post / 587 / :
Retracement will be on Waves towards / 8.832K / 8.573K / 8.367K / 7.770K.To build the right Arm of Our Reverse H&S Pattern, as our forecast in our post / 576 /.
All assumptions and predictions, floating around the internet, give argument as to why Bitcoin should Surge Instead Of Plunge. Such forecasts are a Quite Frequent Phenomenon, and there are completely objective opinions, supported by fundamental data. However Markets’ analysts came to the conclusion that Bitcon has finally got a decent fundamental reference point, which can bring back Positive Sentiment.
In our previous post / 593 / we had forecast the trading range will be between 7.770K and 9.050K. The intraday high was 8.855K and the low was 8.100K.
Based on Price Behavior The Last Days Around 8.643K, we think that downside action should continue to 7.770K to become a right arm of Our Reverse H&S Pattern, before any new attempt to rise.
Note; Our forecast will be vanished, if market move above 8.643K.
Note; If bitcoin price fail to turn up around 7.770K level ( Most likely the 7.770K area will hold ) 6.519K low will be broken, supported by weekly bearish stop grabber.
Support 1: 8100.000 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 low of 2019: ???
The high of 2019 (Bitcoin Holder's Year):
36000.00 level / Expected.
/ Project by @knircky & @famunger /
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