Daily Bitcoin/BTC Price Action Review (28 Feb 18)

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

Following on from yesterday's price review (here), the BTC price broke up out of its falling wedge pattern and has tested the downward overhead resistive trendline (red), as expected.

However, the volume hasn't really reacted at this level: I was expecting an up tick in trading volume accompanied by a price consolidation or immediate pullback. Instead the BTC price has acted a bit like the trendline isn't there, bringing into question it's validity.

Interestingly, Ethereum (ETH) on another platform (coinbase) is experiencing the same price behaviour:

Which may point to some more fundamental price behaviour characteristic of the crypto market as a whole.

Either way, last week's proposed inverted head and shoulders patter for BTC (here) is still in play and if the BTC price can climb to about $12,000, I expect to see (my long anticipated) spike in trading volume, either resulting in a pullback or breaking the neckline of the inverted head and shoulders pattern to establish a new bull run to $17,000.

So I expect now to see a pullback to the prospective inverted-H&S shoulderline (S/L - $9,000) and then another breakthrough the downward trendline (red) to test the prospective neckline (N/L - $12,000), small pull back and then bull run.

The alternative scenario is a failure to break through the downward resistive trendline (red) on the second attempt and captiulation through the shoulderline to a downside price target of $7,000.

My bias remains bullish...

Although, it could all change tomorrow.

Until then,

Bobby.