Bitcoin Trend Series / EP. 591 / Bullfight / Bull VS Warren Buffett

Time: 7.52 A.M. / GM+2 / 13th May 2018 – Sun.

In Spain, there is a tradition after a bullfight to serve
the mayor the bull’s testicles.
One day after the Bullfight / Bull VS Warren Buffett.
The mayor asks the waiter: Funny, why are they so small today?
The waiter: Today sir, The Bull Won.

Since finding the 8.200K of the current bearish decline, Bitcoin price has already regained 250K ( at the time of writing ) as buying sentiment appears to be holding out.

For the rest of the weekend, Further sideways activity is expected as traders remain uncertain pump and dump:

• If bitcoin price move below 8.367K ( Daily Close ) we could see 7.770K ( most likely ).

• If bitcoin price move above 8.643K ( Daily Close ) we could see 9.460K at 0.382 fib.

In our previous post / 587 / we wrote: Retracement will be on Waves towards / 8.832K / 8.573K / 8.367K / 7.770K. The first 3 targets 8.832K / 8.573K / 8.367K was met and we believe further losses are expected eventually towards 7.770K as our forecast in our previous post / 576 / to build our inverted head and shoulders pattern.

Market Factors

While the current retreat in bitcoin price is rather painful for short-term traders who continue to take profit in the nearest future, long-term holders still have nothing to worry, as bitcoin price after the correction will be on the verge of a new bullish rally, due to:

• The parent company of the New York Stock Exchange (NYSE), is planning to launch its own online trading platform to trade Bitcoins.

• The introduction of swap contracts may result in customer outflow from CME and CBOE Chicago-based exchanges, the reason why we believe, bitcoin will become available to a much more influential and wealthy audience of the ICE itself.

• The infrastructure base for new trading instruments will be ready by the fall of 2018, to push bitcoin price gradually towards 16K. and the relationship between Bitcoin prices and mining costs mean prices should hit 36K in 2019.

Technical

• In our previous post / 590 / we had forecast the trading range will be between 7.770K and 9.050K. The intraday high was 8.631K and the low was 8.204K.

• No change in our short term forecast as we still expect some losses eventually towards 7.770K.
  

  Sentiment

We suggest / The Neutral Trend / for today.

Support 1: 8367.000 level.
Resistance1 : 8643.00 level.

Support 2: 7770.000 level.
Resistance2 : 9050.000 level.

Expected trading for today:
is between 7770.00 and 9050.00.

Expected trend for today :
Neutral.

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.

Remember in order to qualify for a @steem-bounty reward
/ Project by @knircky & @famunger /
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