Technical analysis 11-03-2018 | Bitcoin made a nice "dead cat bounce" !
For those who were able to read our article yesterday, we warned you that another drop for Bitcoin was incoming.
| Pictures of yesterday | Pictures of today |
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As a result of our ascending wedge we have achieved a downward break. The price dropped once again to $8.4k in order to come back to test our support which is right on our fibonacci line.
What to expect from now on?
After a whole week in the red and the beginning of a new week that is coming, we would like to see some green. As we have been able to say for a few days now, it seems that our support at around 8.3-8.4k$ is relatively strong and we expect (hopefully) a rebound.
Although it is still too early to know if we can break our bearish resistance again (in green), we can still notice the cross of our "Stoch RSI" which is synonymous of a buy signal.
In the short term it would be coherent to come back to look for our consolidation zone which is between 9.2 and 10.2k$.
Are you optimistic for a rebound?
Tell us what you think about it in the comments.
Upvote and resteem if you liked it!
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@cryptotradingfr
i will pray that bit coin fall dream will never be come true, but its not a dream its reality and hope this bad patch will go away soon and cyto currency will go high again.
i think bitcoin is very new so it needs a time until we see how much the technology and everything is the real price.
I'am very interested in the future and think and can be big :D
Kr,
Paku
Yes it was overvalued at christmas time, after this pull back we need to grow nice and slowly 😉
late answer but i was on vacation ^^ I confirm you!
For future viewers: price of bitcoin at the moment of posting is 9129.00USD