Time: 8.20 A.M. / GM+2 / 22th June 2018 – Fri.
In our previous post / 630 / we had forecast the trading range will be between 6.039K & 7.090K. The intraday low was 6.616K and the high was 6.783K.
Bitcoin investors are feeling the Persistent Pain of an ongoing bear market for more than half a year now, due to several drivers:
The broad landscape of factors range from accusations of price manipulation to a recent Bank for International Settlements (BIS) report saying alternative coins are unscalable. Another drivers like security breaches, regulatory crackdowns, regional government bans on initial coin offerings (ICOs), expiration of futures contracts and know-your-customer (KYC) issues have all hit Bitcoin and trickled down to every other altcoin, according to CoTrader analyst Adam Kovac.
- Bitcoin price continues to fluctuate within Tight Track, inside the bearish channel borderd by 6.300K - 6.900K that appears on the below chart.
- No Change to our bearish scenario, conditioned by the price stability Below 7.090K and when the Accumulated Stops will be triggered below 5.878K, the price will accelerate lower, right to our destination at 4.300K Area / Butterfly "Buy"that appears on the below chart, within less than 2 weeks.
- At press time, bitcoin price is around 6.650K and our Bearish Overview remain valid, as we believe the mini uptrend could end soon as buyers start to feel exhausted, while TA signal that the bear pressure will come back into play.
We suggest / Bearish Trend / for today.
Support 1: 6039.000 level.
Resistance1 : 6900.00 level.
Support 2: 5878.000 level.
Resistance2 : 7090.000 level.
Expected trading for today:
is between 6039.00 and 7090.00.
Expected trend for today :
Bearish.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5947.00 !!! / 4267.00 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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