The rest of the equation, is all about human psychology.
Expected trading for today is between 6100.00 support and 8600.00 resistance
After many attempts to breach the resistance loctated at 8.6k, bitcoin price start to rebound bearishly and there are big chances to move towards 6.8k due to the negative pressure formed by EMA50, before any new attempt to raise again ( where the buyers will start to push the price towards 8.6k again).
Bitcoin price now is around 7900.00 level and keeps stability below 8600.00 resistance. The trend for today is slighty bearish.
All of us know, the move from 5947.00 ( the low of the year ) to 8600.00, came after a Senate Banking Committee hearing on the regulatory fate of digital currencies was not as negative as many investors had feared, but as the price was not able to breach 8600.00, I expect a correction towards 6800.00 level.
RSI is on the move down, so there is some bearish momentum left.
Note, breaching 8600.00 level and hold above it, will confirm again the bull run towards 9300.00 level.
Note, bitcoin price is moving in tandem with stocks and commodities, which is a different dynamic than in the past. The actual dynamic is not good for us as bitcoin investors, it is good for us as bitcoin traders.
Expected trading for today:
is between 6100.00 support / 76.40% Fib/ and 8600.00 resistance.
Expected trend for today :
Slighty bearish.
Medium Term:
Bullish.
Long Term:
Bullish.
The low of 2018:
5947.00 / Strong Support.
The high of 2018:
25000.00 level.
