Time: 7.55 A.M. / GM+2 / 27th May 2018 – Sun.
Bitcoin price dipped Thursday after a report that the Justice
Department has opened a criminal investigation into whether traders are manipulating the price, dropped to 7.220K, earlier.At press time, bitcoin is trading for around 7.300K. So the price is still stable in upward channel, while the bears still have primary control, sentiment does suggest that this is only temporary, and that one uptrend is all that’s really needed for the bulls to step in.
One of the reasons of the drop may came from India, as India
seems to have a Solid Grip on cryptocurrencies. Back when the RBI first announced its ban on bitcoin business-bank relationships, bitcoin price had a several nasty falls to the 5.947K, and when the recovery has begun, it appears India is once again stepping into the mix and enforcing its power.We believe the drop may finally be coming to an end as many investors bought stakes in bitcoin just before the launch of Bitcoin Futures to allowed these holders to short their bitcoins with ease and most likely the bears’ hold on bitcoin may be coming to an end relatively soon.
- In our previous post / 604 / we had forecast the trading range will be between 7.210K and 8.175K. The intraday high was 7.624K and the low was 7.220K.
We still see a Stable Upward Channel. So, if we get a bounce around 7.100K -7.210K area, the next stop should be the upper green line, and that would mean 10.158K level.
Note; A clear break below the current support 7.100K - 7.210K area
( Daily Close ) will move the price below 5.947K towards the next major support level at 5.878K.
we will still suggest / Slighty Bullish Trend / for the rest of weekend.
Support 1: 7210.000 level.
Resistance1 : 8175.00 level.
Support 2: 7100.000 level.
Resistance2 : 8400.000 level.
Expected trading for today:
is between 7210.00 and 8175.00.
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.
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.
