Sunday, May 28, 2017

Bitcoin Trend 29-05-2017

Bitcoin price declined strongly in the past two days to touch the bullish channel's support line that appears on the above chart, noticing that the price rebounds bullishly from this support according to the trading rules inside the channels, which hints that the price is on its way to resume the main bullish trend in the upcoming sessions, especially after approaching from 50% Fibonacci correction level for the rise measured from 891.33 to 2760.10.


Therefore, we believe that the chances are valid to rise on the intraday and short term basis, and the targets begin by breaching 2319.00 to confirm extending the bullish wave towards 2825.00 as a next main station, noting that breaking 2046.23 followed by 1825.72 levels will stop the expected rise and put the price under the negative pressure on the short term and medium term basis.

Expected trading range for today is between 2046.00 support and 2500.00 resistance
Expected trend for today: Bullish

with
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YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS 
TO BUY OR SELL BITCOIN, GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED. 
 Do your own due diligence. 
No one knows tomorrow's price or circumstance. 
 I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader. 
I do not accept responsibility for being incorrect in my speculations on market trend