Time: 8.18 A.M. / GM+2 / 8th Mar, 2018 – Thurs.
In our previous post / 519 / we had forecast the trading range will be between 10K and 11.70K, the intraday high was 10.8K, and the low was 9.4K, due to a rejection at 11.791K.
Bitcoin price traded with negativity, breaking 10.7K and settles below it. More decline toward 9.4K - 8.7K is expected, due to the low volume. But as the price is above 8.7K, the trend is slighty bullish and we still believe the inverted head and shoulders pattern ( We did draw the above chart on Feb 21 ), have a big chance to push the price toward 12.8K, 13.7K to hit finally 15K before the end of march.
Bears fighting but the trend is still slighty bullish. Technical indicators suggest a potential pickup:
- Option 1 / The price will re-test 8.7K before any new attempt to rise again.
- Option 2 / The price could still bounce from 9.4K to re-visit 11.791K.
Bitcoin is currently trading around 9.75K at time of writing and the trend is slighty bullish for today, conditioned by stability above 8.7K. The reason why I come up with the above 2 options as I believe a strong bullish momentum might lead to continuation of bull run.
Support : 8700.00 level (Major).
Resistance : 10700.00 level (Major).
Expected trading for today:
is between 8700.00 support and 10700.00 resistance.
Expected trend for today :
Slighty Bullish.
Medium Term:
Bullish.
Long Term:
Bullish.
The low of 2018:
5947.00 / IHS Bottom.
The high of 2018:
25000.00 level / Expected.
Bearish trend has started.looking at 1 hour and 4 hour charts need to look at 1 week charts.its just my analysis its not an financial advice.
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Really good technical analysis, very informative. Hoping to see some more positive moves by this weekend. I think it looks like it may bounce from support at 9.4k-9.5k area.
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BTC usually go down lowest of the week start Friday thru Sunday......down to $8.7 then move up from there around Monday?
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complete turnaround of events yesterday lot of Fear no volumes seems like it will be bearish like previous year
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It's a interesting and an important post ..... you have some great information here ..... waiting for your next post. Thank you...
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good analisys and informative, this is a great post @lordoftruth
please visit to my blog @arijuang , if you have any time please read and leave respons , If you like my post, upvote, and resteem :)
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This post has received a 10.79 % upvote from @boomerang.
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back in the $10K range hopefully it will be going up
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The biggest challenge for crypto today is centralized exchanges. Mass adoption of decentralized xchanges will cement the bullish trend.
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This post has received a 8.00 % upvote from @booster thanks to: @lordoftruth.
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the bullish momentum will continue for sure after the sudden dip
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@lordoftruth sir....
The Bitcoin Elliott Wave forecast suggests that the bearish patterns are dominating so long as Bitcoin prices remain below $14,000.
Bitcoin Elliott Wave Analysis Talking Points:
Bitcoin prices have been contained inside a downward sloping price channel
Recovery from January 17 to January 20 takes the shape of a corrective zigzag pattern...
Pressure remains to the downside so long as prices remain below the upper channel line
Bitcoin prices are falling within a downward price channel. It is possible this downward wave since December 17 is a bearish zigzag and the first wave of a larger correction or perhaps the beginning of a larger bearish impulse. As I contemplate the potential for bullish patterns, the models return results that are temporary and short lived. As a result, this cryptocurrency is operating in a sell the rally environment until we see a bullish motive wave develop.
BITCOIN PRICE CHARTS OFFER CORRECTIVE RALLIES..
The Bitcoin price rally that began on January 17 appears to be a three-wave rally. According to the Elliott Wave principle, three wave moves are corrective and tend to be completely retraced. Therefore, the January 17 – 20 rally raises the probability that Bitcoin prices may continue to be pressured to the downside.
Though the January 17-20 trend appears to be a corrective rally, Bitcoin prices can continue to increase to extend the correction in price and time....
Thanks sir...
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bitcoin earn is my dream.
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very bearish trend all the way hopefully will be picking up after sometime
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Head shoulder knees and toes pattern? Upsidown man! Looks like a long term bull to me too! 😉 If you catch my meaning.
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really great post very useful for me, thank you for vote and post your comment please follow me, please help me same with you, good friends comrade comrade
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