Bitcoin/BTC Daily Price Review (08 Mar 18)

This is not Financial advice: Do not trade or invest based on this analysis.

Volume

I'll start with volume today...following on from yesterday's review (here), we certainly got the return of BTC trading volume that we were looking for:

With the on-balance-volume indicator showing some dis-accumulation:

Price

On the back of this volume the price has pulled back relatively sharply to $10,000 and is now finding a bit of support from the broken, linear downtrend line (dashed red):

Bias

The return of volume (albeit selling volume) is encouraging, however the $9,000 level must hold for my - and many other commentators' - trade idea (i.e. completion of inverse Head and Shoulders pattern with an upside price target of $17,000) to complete.

I'm looking for a bit of price ranging and some consolidation around the $11,000 mark and then another test of the overhead resistance zone around $12,000. Something like the following:

If the price fails to hold the $9,000, there could be a flurry of selling activity, which is not necessarily a bad thing if you're a trader, but we'd have to adjust our current scenarios.

Until tomorrow,

Bobby.