Bitcoin Trend Series / EP. 680 / Worsening Trade Tensions

Time: 8.45 A.M. / GM+2 / 21th Aug 2018 – Tues.

Every Consecutive Fall of bitcoin markets in 2018, was followed by a very weak recovery. This is in stark contrast to 2017, during which every fall was followed by a / V / shaped recovery.
Total Market Capitalization of cryptocurrencies is hovering close to the $215 billion mark, after having dipped below $190 billion on August 14.

Worsening Trade Tensions could even lead to a return in risk aversion and dollar weakness, which might revive demand for bitcoin.
Escalating Troubles in Turkey could also boost bitcoin demand as people look for an alternative store of value.
Next Trigger is most likely to be U.S. Securities & Exchange Commission (SEC) decision regarding bitcoin exchange traded funds / ETF / !
If a new ETF Proposal gets rejected again, we might witness another downward move, and if an ETF proposal is approved, bitcoin markes will jump higher.

In our previous post / 679 / we had forecast the trading range will be between 6.039K & 6.680K. The intraday low was 6.230K and the high was 6.510K.
Conform 4H Chart, we mostly expect downside action to 6.100K area, as bitcoin price trade with clear negativity supported by RSI to move away from EMA50.

Conform 1H Chart, the bears have repeatedly pushed prices down from the 6.650K level, and we still believe 6.100K- 6.160K Zone will be The Crucial Area, as if bitcoin price drop back below 6.100K, this will increase chances on further drop, while holding above 6.100K could trigger Stronger Upside Action !

The trend is Bearish as long as prices are between
current spot prices and 6.680K.

Support 1: 6100.000 level.
Resistance1 : 6680.00 level.

Support 2: 5782.000 level.
Resistance2 : 6964.000 level.

Expected trading for today:
is between 5782.00 and 6680.00.

Expected trend for today :
Bearish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
5782.00 / Fundamental Barrier / Done.
5350.00 / New Low / Expected!

The high of 2018:
11700.00 / Expected!

The low of 2019:
6600.00 / Expected!

The high of 2019:
25000.00 / Expected!

Writing a series means playing a long game,
investing considerable time and effort up front in
hopes of considerable returns down the road.

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