Time: 8.03 A.M. / GM+2 / 23th May 2018 – Wed.
- Bitcoin price traded with Clear Negativity to touch 7.925K again and settles there now. We still believe that our H4 Invetred H&S Pattern have a big chance to work to push the price up, as long as the price above 7.614K - 7.770K area, as our forecast in our post / 576 /.
- We think it is important to pay attention to as far as mining cost is concerned is the breakeven Mining Cost across countries as it might provide us with a level at which miners start to pull out of the bitcoin market, as if the price of bitcoin falls below the breakeven level, miners might abandon their mining operations, depending on the local cost of electricity.
- In our previous post / 600 / we had forecast the trading range will be between 7.770K and 8.643K. The intraday high was 8.354K and the low was 7.840K.
- Technical indicators are confirming that Selling Pressure is still in play. But we believe that H4 / H&S will work, as long as the price above 7.614K - 7.770K area.
- Note; Breaking 7.614K - 7.770K area will mean that H&S pattern will fail to lead the price to new decline below 6.519K lows, supported by 2 weekly ( G seen on chart ) bearish stop grabbers.
as long as the price hold above the 7.614K - 7.770K area.
Support 1: 7770.000 level.
Resistance1 : 8400.00 level.
Support 2: 7614.000 level.
Resistance2 : 8643.000 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.
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.
