Time: 7.59 A.M. / GM+2 / 26th May 2018 – Sat.
Bitcoin price Bears Are Finally Getting Exhausted and the extended bearish rally has lost its momentum, after testing 7.260K. So some of traders might think this is the perfect opportunity to execute long orders at this level. But keep in mind A daily close below 7.100K - 7210K will again refuel the bears in the market.
There was no clear catalyst for the massive price declines, but we believe it is related to:
Uncertainty in South Korea where a new tax policy at Bitfinex caused negative investor sentiment.
Increased regulation with news that the US Justice Department has opened a private criminal investigation into traders who may be manipulating the price of Bitcoin.
Reports suggesting that Goldman Sachs (NYSE:GS) is going to launch a Bitcoin operation to trade futures on behalf of institutional clients.
US exchange Coinbase has announced a suite of tools specifically designed for institutions as well as a custodian service.
- In our previous post / 603 / we had forecast the trading range will be between 7.210K and 8.175K. The intraday high was 7.649K and the low was 7.318K.
Looking to the chart, we can see a pretty Stable Upward Channel. If we get a bounce from somewhere around this level, the next stop should be the upper green line, and that would mean 10.158K level.
Note; A clear break below the current support 7.100K - 7.210K area
( Daily Close ) will ultimately move the price below 5.947K towards the next major support level at 5.878K.
Don't invest what you cannot afford to lose.
Don't buy on credit.
Don't put your car and your house on the line.
Keep in mind that no risk = No massive gains.
It comes down to risk management.
Everything else ( 10% vs 90% ) is just drama.
90% of all traders ( on any given market ) end up failing.
Support 1: 7210.000 level.
Resistance1 : 8175.00 level.
Support 2: 7100.000 level.
Resistance2 : 8400.000 level.
Expected trading for today:
is between 7210.00 and 8175.00.
Expected trend for today :
Slighty Bullish.
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.
investing considerable time and effort up front in
hopes of considerable returns down the road.
I'm so proud of my little blog, and so grateful to all of you
for support to keep it going.
