Bitcoin Trend Series / EP. 695 / Upside Bounce Followed By Downside Action

Time: 8.57 A.M. / GM+2 / 07 Sep 2018 – Fri.

Recapitulation

• The short - term trend still Bearish Unless Breaching 6.880K and hold above it, and the speed of recent dropping makes us believe that chances are solid to push the price below 5.782K conform the below Daily Chart !

Market Factors

• After a good start for this week, Bitcoin price gave the gains up when it was reported that Goldman Sachs might ditch its plans to offer a bitcoin trading desk !

• The upside appears to be Short-Lived as the market cap dropped from $239B to $200B in less than 24 hours !

Technical

• In our previous post / 694 / we had forecast the trading range will be between 6.040K & 6.880K. The intraday low was 6.303K and the high was 6.544K.

• RSI signals the buying pressure is in play, and Stochastic indicates that the sellers are tired.

• Conform the below 4H Chart the downward action mght take a temporal relief and some Upside Bounce towards 6.880K could follow. But later Downside Action probably will be re-established towards a New Low !

Sentiment

The trend is Bearish,
unless breaching 6.880K and hold above it !

Support 1: 6040.000 level.
Resistance1 : 6880.00 level.

Support 2: 5782.000 level.
Resistance2 : 7188.000 level.

Expected trading for today:
is between 6040.00 and 6880.00.

Expected trend for today :
Bearish.

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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