Bitcoin Bulls are Still in the Action

Bitcoin Bulls are Still in the Action

Bitcoin Bulls are Still in the Action

$BTCUSD

Saturday, Bitcoin gained 0.84% to end the day at $8,483.2.

It was only the 2nd positive day last week that has left Bitcoin down 12.2% Monday through Saturday.

Friday saw Bitcoin fall to an intra-day low and new low $8,204.4 before a late morning recovery, Bitcoin managing to avoid the day’s 1st major support level at $8,158.17 and the risk of falling back to sub-$8,000 levels for the 1st time since 19 April.

Bitcoin’s late morning move to an intra-day high $8,631.7 fell short of the day’s 1st major resistance at $8,842.47 and the 23.6% Fibo Retracement mark at $8,730.

The day’s swing low at $8,204.4 supports the near-term Bearish trend formed at 5 May’s high at $9,999.

This Summer regulators the world over expected to roll out regulations on cryptocurrencies and ICOs.

Currently Bitcoin is trading at: 8,418.9951,-41.0098, or -0.48%, as of 5:20a BST, the market is open

For the week ahead, a move back through to $8,500 levels would support a run at the 23.6% Fibo Retracement mark at $8,628.

Bitcoin may then leave the Monday’s 2nd major resistance at $8,867.07 untested to mark a 2nd day running that Bitcoin fails to break through to $9,000.

As it is now, the near-term Bearish trend is intact, with Bitcoin needing to break out from the 38.2% Fibo Retracement mark at  $8,890 through to $9,000 to reverse the near-term trend.

We will be focused on regulatory news from SKorea this week.

BTC/USD 13/05/18 Hourly Chart
BTC/USD 13 May 2018 Hourly Chart

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Have a terrific week

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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