Bitcoin/USD - Technical Analysis - Testing Major Resistance at $12,000 !!!

@EpicDesigns Technical Analysis Report 3/5/2018

Coin/Asset:
-Bitcoin/USD
Current Price:
-$11,519.00

The Technicals:

(Click Here to View the Chart)

Time Analysis:

(Click Here to View the Chart)

Time Analysis:
My time indicator is working beautifully as always and plotted the $12,000 resistance line that I have on the graphs below. Today's candle being number 8 of 9 of a potential buy setup tells us that tomorrow could be a 9; in other words a potential perfect sell signal is forming. It looks like the 9th candle (if formed) will definitely touch the $12,000 resistance line, at that point I'd expect 1 of 2 things to happen. 1.) Another nice ramp up in the price of bitcoin before it drops for a 1-4 even possibly 1-9 day correction countdown. Or, 2.) Continue onward on a bullish uptrend breaking previous price resistances. If the ninth candle doesn't form, or closes below the $12,000 resistance, I'd highly expect a small correction lasting no more than a week.

Technicals:
Bitcoin as a few days ago broke out of the major resistance line that was keeping the price in a intense downtrend. This is great news, but there is still multiple major resistances that need to be tested before we see all time highs again. 4 of the 5 potential resistances I recorded in my recent post (view it here) were broken and only one remains. That is the major resistance line of ~$12,000. At the moment, the direction in which the market could go can be determined depending how the price reacts to this resistance last relative resistance.

Final Thoughts:
Keep a very very close eye on bitcoin as it nears the $12,000 resistance line guys.... Both technical and time analysis confirm $12,000 is a strong resistance zone. Additionally, my time indicator shows the daily charts setting up for a perfect sell opportunity starting with tomorrows daily candle. (We're on candle 8 of 9 for sell signal; read the section titled "Time Analysis" above) In combination of a possible time based sell signal and a intersection with a major resistance line (read section titled "Technical Analysis" above), things could potentially get a little nasty for the price of bitcoin again. The most likely outlook would be a test of lower support and back up to the current market trading price range. (~$11,000 or lower...) In my opinion, this would simply be bitcoin's "last gulp of air" before going for new all time highs or even possibly entering a lengthy and extremely slowly crawling uptrend. It is also entirely possible, all previous resistances (including the $12,000 mark) get smashed and a whole new market cycle develops taking the price to new all time highs.

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