Bitcoin positive start to the day, though the lack of an early relief rally leaving the Bitcoin bears firmly in control going into the weekend.
Bitcoin Technical Overview
Day Trading Range: $6230 - $6650
Key Resistance: $6455 - $6528 - $6580 -$6635 - $6680
Key Support: $6378 - $6320 - $6278 - $6220 - $6170
Most Likely Scenario Long above $6400 with target $6480 & $6550 in extension.
Alternative Scenario Short below $6300 with target $6245 & $6170 in extension.
Technical Indicator:
MACD: MacD shows in 4H lower strength for short, getting power for coming Bullish scenario.
Moving Avg: SMA200 ($6646) strong resistance for the day & SMA100 ($6851) trading also resistance area.
Overall, Plenty of headwinds remain, including the SEC’s review of the 9 Bitcoin ETF applications that comes in the wake of the latest suggestion of market manipulation, a sizeable short position ahead of the Goldman Sachs news that hit the wires midweek.
Sentiment is particularly bearish and while there has been some upside early on, the gains are of little relief, investors needing to protect the downside ahead of next week’s EU gathering.
For the day ahead, holding above $6,410 through the morning would support a run at $6,528 levels and the day’s first major resistance level at $6,545 later in the day, though Bitcoin will need to break out of its current ranges early, else face the prospects of a reversal, investors somewhat bruised from the losses through the week.
Thanks
YoCryptoManic
Bitcoin Technical Overview
Day Trading Range: $6230 - $6650
Key Resistance: $6455 - $6528 - $6580 -$6635 - $6680
Key Support: $6378 - $6320 - $6278 - $6220 - $6170
Most Likely Scenario Long above $6400 with target $6480 & $6550 in extension.
Alternative Scenario Short below $6300 with target $6245 & $6170 in extension.
Technical Indicator:
MACD: MacD shows in 4H lower strength for short, getting power for coming Bullish scenario.
Moving Avg: SMA200 ($6646) strong resistance for the day & SMA100 ($6851) trading also resistance area.
Overall, Plenty of headwinds remain, including the SEC’s review of the 9 Bitcoin ETF applications that comes in the wake of the latest suggestion of market manipulation, a sizeable short position ahead of the Goldman Sachs news that hit the wires midweek.
Sentiment is particularly bearish and while there has been some upside early on, the gains are of little relief, investors needing to protect the downside ahead of next week’s EU gathering.
For the day ahead, holding above $6,410 through the morning would support a run at $6,528 levels and the day’s first major resistance level at $6,545 later in the day, though Bitcoin will need to break out of its current ranges early, else face the prospects of a reversal, investors somewhat bruised from the losses through the week.
Thanks
YoCryptoManic
Trade closed: target reached:
Today Bitcoin choose our Alternative scenario which has been completed 4H chart Bearish flag. Now sellers want new low for 2018. Small investor keep away from market till a good directive volatility.