Time: 8.22 A.M. / GM+2 / 17th May 2018 – Thurs.
Bitcoin price tried to stage a recovery the last days, but failed to confirm a break above the 8.855K and resumed the down move below 8.643K, settled below 100 hourly simple moving average.
The sell-off could intensify to break lower targeting our 4th Waited Target located at 7.770K, as our forecast in the post / 587 / the most important support of the week. To build the right arm of Our Reverse H&S Pattern, as our forecast in our post / 576 /.
Traders don’t dare to buy after a failed attempt to overcome 9.990K and it looks like bitcoin needs some fresh bullish catalyst to break the psychological level at 10K.
Investors continue to hold out for positive updates in the industry but until those come out, caution has prevailed after bitcoin price was rejected a resistance level after another.
Traders are keeping close tabs on the investigation into South Korea’s largest crypto exchange as this revives issues on regulation and security.
In our previous post / 594 / we had forecast the trading range will be between 7.770K and 9.050K. The intraday high was 8.482K and the low was 8.121K.
Looking at the charts, the price action suggests a bearish signs below 8.643K to break below 8.000K area trying to push the price towards 7.650K-7.770K area.
Bitcoin price could pause from its drop as a double bottom formation can be seen on the 1-hour chart but from the technical point of view, the moving averages point to bearish risks in the short term, and oscillator is nearing overbought levels to reflect exhaustion.
To conclude, we see signs that market could continue dropping right to the next support area at 5/8 level of 7770$.
Note; If bitcoin price fail to turn up around 7.770K level ( Most likely the 7.770K area will hold ) 6.519K low will be broken, supported by weekly bearish stop grabber.
Support 1: 8100.000 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 low of 2019: ???
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.
I think if bitcoin flattens out for a while it might be a good thing
i will be glad when this bear run is over!
ouch.. $7770. that's a dip from current price. it is still too dangerous to be trading alts at that range.
this week we can expect bitcoin price around 7K $$$$
@lordoftruth has set 0.969 SBD bounty on this post!
What is a bounty exactly?
A bounty is money sent to a post to be distributed to the users commenting on it. It provides a way to reward users directly and works in addition to the steem/sbd they receive from the blockchain. It works independently of SteemPower.
You create a bounty by sending any amount of sbd/steem to @steem-bounty together with a post-url in the memo.
How can I earn a bounty Users are then competing for the bounty by writing their answers to the post in comments that will achieve upvotes from the community and especially the bounty creator. The money of the bounty gets distributed to all top level comments of the post at the same time when the post is paid out (7 Days after it was written). How much everyone gets depends on the votes the comments received. The sender of the bounties votes are weighted higher so that she decideds where 80% of the bounty money goes and all other votes determine the rest.@steem-bounty does all of this for you automatically. You can use this service to automatically pay out a challenge, ask a hard question or simply to reward the people that interact with you.
Read more about how it works, even in different languages here.
Congratulations to the following winner(s) of the bounty!
I think none of technical analysis can predict price. Bitcoin price now depends of Mt. Gox trustee. If he decide to sell, price will drop. If he does not, price will go up slowly IMO
your price prediction is so close. when i need to see btc price prediction i see your blog
valuable as usual
Boom one more drop and every alt will go in the blood zone lets see today's trend where it head too :)
This post has received a 19.66 % upvote from @booster thanks to: @lordoftruth.
At the moment Bitcoin is still holding on above $8,000. Great
Your post is very beautiful.I read the post carefully.
I hope you will be with us like this
Please Stop - @hrishekeshroy
You just said "very beautiful" and in your your last 100 comments you used 41 phrases considered to be spam and you made this exact same comment 1 times. You've received 1 flags and you may see more on comments like these. These comments are the reason why your Steem Sincerity API classification scores are Spam: 63.20% and Bot: 4.30%
Please stop making comments like this and read the ways to avoid @pleasestop and earn the support of the community.
2020 : BTC over $1mio :D
$7k is not much when it was on $15k
I see the bitcoin and other crytocurrencies picking up soon. Thank you so much for your insight and valuable information.
You have been dead on so far. Well done!
Excellent news and very good article, you transmit the information very well
lets run w/ the #Bulls as they do in Pamplona