Time: 8.10 A.M. / GM+2 / 12th May 2018 – Sat.
- In our previous post / 587 / we wrote: Retracement will be on Waves towards / 8.832K / 8.573K / 8.367K / 7.770K.
- The first 3 targets 8.832K / 8.573K / 8.367K was met. The price now pause around 8.367K but further losses are expected eventually towards 7.770K as our forecast in our previous post / 576 /.
- So keep an eye on the 4th station at 7.770K, as a buying opportunity that build our inverted head and shoulders.
- Apart from the technical signals, which are getting more bearish after a break below the 100-DMA, there are some other drivers behind the continued correction from highs close to the 9.990K.
I- Some negative pressure came from NVIDIA, as the tech firm predicted a big drop-off in cryptocurrency mining demand in the second quarter of 2018:
II- Another source of the increased selling pressure was the news that Mt. Gox trustees have moved another $80 million of digital currency into cold storage.
- Prospects for the end of 2018 keep tormenting every crypto-investor. Bitcoin price continues to suffer losses on Friday and failed to keep above the key 9K and most likely we will see a decline below 8K area.
In our previous post / 589 / we had forecast the trading range will be between 8.573K and 9.676K. The intraday high was 9.004K and the low was 8.333K.
Hourly MACD in the bearish zone and RSI is currently near the extreme oversold levels.
Keep an eye on the 4th station at 7.770K, as a buying opportunity.
Support 1: 8367.000 level.
Resistance1 : 8643.00 level.
Support 2: 7770.000 level.
Resistance2 : 9050.000 level.
Expected trading for today:
is between 7770.00 and 9050.00.
Expected trend for today :
Neutral.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5947.00.
The high of 2018 (BitcoinTrader's Year):
16046.00 / Expected.
The high of 2019 (Bitcoin Holder's Year):
36000.00 level / Expected.
/ Project by @knircky & @famunger /
You must write a comment to the this post.
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.
time to buy it up! what a sweet opportunity!
Damn, in the short term forecast you are right. You are a magician.
Lol..
I am just a trader like you..
I hope I am right in short trend at least..
Thanks for continued support to my work..
Have a great weekend..
Many thanks for this update. Impressive how certain you were about this upcoming correction whilst most other TA’s where all just referring to a minor correction instead. You never changed your assessment and you were right!
Thanks for support..
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So far is like you are seeing in future :) But bounce to 12k well that will be hard task and interesting you still think we wont see new bottom in 2018. Every good prediction is % game so what % you are giving that 5947$ was this year BTC bottom?
The bottom of 2018 most likely will hold
Thanks for support
No one can see the future!
No one knows tomorrow's price or circumstance!
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
is TA recommended to be done at 4H? or does it depend on whichever type of trader you are?
$36,000 will be the price for 2 BTC 😂
If you are not happy , I will rise it to $64000
Hehe..
I changed my mind..sorry.. I meant $36,000 for 3 BTC 🍻🍻😂
I changed my mind aslo..
I will kill you the next week..
Have a great weekend..
You can't kill me, I am fighting with you against the invaders!
Very helpful, thanks
time to buy bitcoin
Good information....
I think this information need to all human
Thanks for sharing a good post bro
This post has received a 9.16 % upvote from @booster thanks to: @lordoftruth.
Good information....@lordoftruth...
in the short term forecast you are right. You are a magician.just amazing.
Thanks for telling about bitcoine. It can cost at least the price.
I have to say you have been calling this quite nicely.
your pattern is always on point
This year is a roller coaster for crypto world. I think it will take a couple of years until the market will regain confidence and become more stable. But anyway, it's a good time to invest and keep an eye on what is going on:)
Agree with you !!
and thx for bounty
Great information, I didnt realize that nvda news was also contributing to selling pressure.
Yes. Its seems to be interesting post. Detailed explanation. Good.