Time: 7.39 A.M. / GM+2 / 2nd June 2018 – Sat.
We have evidence, the moon influences many things including the tide of the ocean and possibly even Human Emotions & Our Forecast, but do not change the trend.
Overall picture has not changed, looks bearish and bitcoin price is driven by the 2 weekly Bearish Stop Grabbers to reach 4.300k area, the Same Destination point of the Butterfly "Buy".
We still expect the market to give in to bears for a Down Swing, and bitcoin price will surpass 7.100K - 7.210K to drop steadily towards 6.519K and the Panic Sell Below 7K could open the doors for price decline below 5.947K before plunging to 4.300K, the potential bullish reversal location and the next bullish momentum should come in Q3/2018.
- If the price breaks the 7.614K barrier, it could easily rally towards 7.910K level, before any new decline but will not cancel our Bearish Scenario.
A Draft Legislation favouring a regulation on blockchain technology and cryptocurrencies received unanimous support in the Spanish Congress and proposed the government to cooperate with the National Securities Market Commission and the Bank of Spain to coordinate a common regulatory position regarding cryptocurrency in the broader European context.
Bitcoin Market in 2018 is more Mature Compared to 2014 which provides a more reliable understanding of price based on fundamentals.
If you take a look, we can see that February was bullish, March was bearish, April was bullish and May was bearish. Will The Cycles Continue? Maybe! A reversal may occur but not before testing 4.300K!
In our previous post / 610 / we had forecast the trading range will be between 6.915K and 7.614K. The intraday high was 7.599K and the low was 7.329K.
At press time, bitcoin is trading around 7.500K and the chances is still valid to achieve more decline to extend losses to reach 6.519K - 5.878K - 4.300K as long as the price Below 7.910K.
The 2 weekly bearish stop grabbers after breaking 7.614K, suggest drop below 6.519K, to test 5.878K reaching 4.300 area, the Same Destination point of the Butterfly "Buy".
Investors should wait bitcoin price to drop below 5.947K to take long-term position.
Short Term Traders could search chances to go short on hourly chart to join downside action by some bearish continuation pattern.
long Term Traders should wait reaching of 4.300K which could be triggered by daily butterfly "Buy".
Based on the above
We will suggest / Bearish Trend / for today.
Support 1: 6519.000 level.
Resistance1 : 7614.00 level.
Support 2: 5878.000 level.
Resistance2 : 7910.000 level.
Expected trading for today:
is between 6915.00 and 7614.00.
Expected trend for today :
Bearish.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5947.00 !!! / 4300.00 Expected.
The high of 2018 (BitcoinTrader's Year):
14469.00 / Expected.
The low of 2019: ???
The high of 2019 (Bitcoin Holder's Year):
36000.00 level / Expected.
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