Daily Bitcoin/BTC Price Action Review (01 Mar 18)

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

Following on from yesterday's review (here), I redrew the downward trendline (red), so it is still unbroken. A real break of a valid (agreed) trendline should be accompanied by an up tick in volume, which didn't occur.

The BTC price (at least from BITTREX), did poke it's nose above the trendline and about $11,000, briefly, which I see as a bullish sign.

The price has since pulled back and formed what looks like a mini falling wedge pattern, which the price is just beginning to break to the upside.

So I remain bullish and expect another challenge on the overhead downward trendline resistance and if it manages to get through, then a challenge on the neckline (N/L) of the prospective inverted Head and Shoulders pattern.

Of course there is also the potential for the price to breakdown (it still hasn't made a convincing higher high yet) and another test of the shoulder line (S/L) might signal a further downside break.

I'll keep my eyes peeled for that scenario.

Until tomorrow,

Bobby.