Bitcoin Trend Series / EP. 685 / Price Action Doesn't Look Like Real Reversal!

Time: 8.48 A.M. / GM+2 / 28th Aug 2018 –Tues.

Recapitulation

• Bitcoin price regained its ground last week, when SEC announced their plans to review their decision to reject several bitcoin ETF applications and continued to provide positive trading inside the Bullish Channel
  ( Below 4H Chart ).

• Bitcoin Market looks really Annoying now, very Choppy and Nervous, the reason why we believe that the price action now doesn't look like real reversal !

Market Factors

• A pickup in risk-taking being pinned on the US-Mexico trade deal could be one of the factors propping bitcoin price up. Traders seem to have renewed their appetite for cryptocurrencies as a result !

• The negative piece of News About China further tightening its restrictions on cryptocurrency trading was also taken in stride by the traders. But when an asset class holds on to its support levels after several negative news, it shows that the bears start to lose their grip !

Technical

• In our previous post / 684 / we had forecast the trading range will be between 6.039K & 6.964K. The intraday low was 6.689K and the high was 6.963K.

• Bitcoin price rallied upwards strongly to Test 6.963K as expected and settles around it, to signal that further gains Towards 7.285K are in the cards, before any new attempt to decline, as we still think that another leg down is not too far in time !

• Technical Indicators give mixed signals, RSI signal that sellers have the upper hand, and Stochastic signal that buyers could stay in control.

Sentiment

The trend is Bullish,
unless breaking 6.519K and holding below it !

Support 1: 6519.000 level.
Resistance1 : 6964.00 level.

Support 2: 6260.000 level.
Resistance2 : 7285.000 level.

Expected trading for today:
is between 6519.00 and 7285.00.

Expected trend for today :
Bullish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
5782.00 / Fundamental Barrier / Done.

The high of 2018:
11700.00 / Expected!

The low of 2019:
6600.00 / Expected!

The high of 2019:
25000.00 / Expected!

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investing considerable time and effort up front in
hopes of considerable returns down the road.

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