Bitcoin Trend Series / EP. 716 / Minor Bearish Grabber

Time: 8.29 A.M. / GM+2 / 3rd Oct. 2018 – Wed.

Recapitulation

• Bitcoin price begins to trade with Clear Negativity to press on 6.497K and moves below it, approaching the bullish channel’s support line that appears below 4H Chart, and as we've got Minor Bearish Grabber yesterday ( Which adds points to Bears ) we believe that the short-term bearish scenario will try to move the price lower towards 5.911K Within 1-2 Weeks.

Market Factors

• Malta is not the only country in the world that’s a crypto safe haven. Japan has and continues to embrace innovation and not a threat to their economies as Mark Carney stated early this year. Funds as Fidelity, for example, believe cryptocurrencies and blockchain are at a proof of concept stage with limited user cases and they plan to explore.

• Reports that the only Bitcoin Investment Trust has been in the red likely led to weaker sentiment among investors. After all, Grayscale Bitcoin Investment Trust is at its lowest point since the digital asset hit record highs last year.

Technical

• In our previous post / 715 / we had forecast the trading range will be between 6.290K & 6.879K. The intraday low was 6.424K and the high was 6.617K.

• The Bearish Trend is suggested for today supported by Stochastic that reflect the sellers have the upper hand.

Sentiment

The short term trend is Bearish

Support 1: 6290.000 level.
Resistance1 : 6497.00 level.

Support 2: 6040.000 level.
Resistance2 : 6879.000 level.

Expected trading for today:
is between 6290.00 and 6879.00.

Expected trend for today :
Bearish.

Writing a series means playing a long game,
investing considerable time and effort up front in
hopes of considerable returns down the road.

If you believe, that our little blog is useful for you,
consider purchasing us a box of beer to BTC Address:
3AmNtmR5F9RkACUyec9wTy2a1EP6B54t66

YOU SHOULD NOT TAKE ANY MATERIAL POSTED ON THIS BLOG AS RECOMMENDATIONS. TO BUY OR SELL BITCOIN OR ANY OTHER INVESTMENT VEHICLE LISTED.

If You are New in Trading  --> Read Trading Education Center / Volume I.    

What You Know About --> Fibonacci Retracement in Trending Market.   

If You Like To Read About Syrian War --> Click Here!