Time: 7.45 A.M. / GM+2 / 20th May 2018 – Sun.
- Short Term Trend Stands Bearish unless breaching 50-day MA at 8.4K and holding above it, but the positive news for the short term, the 5 and 10-day MA changed direction and bitcoin price is close to exiting the recently developed downward channel, on Saturday. The reason why we will suggest Short Term Slighty Bullish Trend.
- As our forecast in our post / 587 / the retracement on waves got start on May 5, from 9.990K, and the targets was met, as expected, supported by weekly bearish stop grabber, to tested the 7.925K level on May 18, to form the right arm of our Inverse Head & Shoulders Pattern as our forecast in our post / 576 /.
Goldman Sachs is developing a dollar pegged cryptocurrency / USD Coin.
CFTC and SEC directors shared their view that they have no desire to stand in the path of blockchain development.
Bitcoin price is most likely ready for a rally at this stage, and The Downside Risks Are Limited. Considering that bitcoin acceptance continues to grow, and more institutional investors engage in this industry, following a possible deeper retreat, bitcoin market will attract decent demand.
In our previous post / 597 / we had forecast the trading range will be between 7.770K and 8.643K. The intraday high was 8.468K and the low was 8.140K.
Bitcoin price reached 7.925K ( 50% Retracement of pre april rally low of 6.425K ) which marks its lowest level since April 18, and as we excpected the 7.925k hold and pushed the price to recover above 8K, to means that a Reversal Favorable To The Bulls is in place.
Note; Daily close above 8.4K will push the price towards the next station at 8.643K, and daily close below 8K will move the price towards the long terms supports 7.614K - 7.770K area.
Support 1: 7770.000 level.
Resistance1 : 8643.00 level.
Support 2: 7614.000 level.
Resistance2 : 9050.000 level.
Expected trading for today:
is between 7614.00 and 8643.00.
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.
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