BITCOIN FORECAST, BTC PRICE ACTION - 18 MARCH 2019

18 March 2019 | Darcy K. Butcher, Journalist | Pacific Rim International

BITCOIN

Bulls are looking at Bitcoin to follow through with a short pull back. This current range is not picture perfect. A move with conviction above $4100 would provide stronger confluence. Overall pattern is looking to form Bull flag on some timeframes. Many oscillators seem bullish supportive with daily stoch and RSI heading up.

-BTC long term outlook: there is a lot of digging out from this massive downtrend.
-Day 445 of Bear Market
-Monthly Close is going to be critical
-Monthly Bear Range sits $2500-2600 range, Bull Range up 3900-4400 range.

BEARISH

• BTC below 3900 would be incredibly Bearish
• Massive Bear attack would range to $3650 then $3500
• Overall ranges: $2600-3425

BULLISH

• $3900 is the final frontier
• Volume move would tick up to $4110-4150 range first
• Top range $4350

4-HOUR TIMEFRAME

• On spot Stoch and RSI heading down

8-HOUR TIMEFRAME

• Looking more and more supportive
• Above $3955 would provide stronger confirmation

10-HOUR TIMEFRAME

• Significant Golden Cross of 50 & 200
• About 6% move off the lows
• Historical Golden Cross on 10 hour provided 8-11% moves
• Logical but not guaranteed to reach at least $4150 with this move
• Average move on BTC is 10%

DAILY TIMEFRAME

• This is the only timeframe which Stoch is pointing to the upside.
• The RSI is trending below

2-DAY TIMEFRAME

• Same resistance as 4-Hour.
• $4,000 has become psychological barrier
• BTC is quite neutral here
• Been over a week in the EXTREME control zone
• Break below $3800 or above $4100 is basic watch

3-DAY TIMEFRAME

• Ticked up
• Potential resilience grinding and could form significant structural change
• New 3-day forms on the 20th March
• Recent Price Action PA constructive
• Bulls need to break current trend line
• December 2017 hit high on snake around and cross up with similar current pattern
• OVERALL BTC pattern remains Bearish

CME FUTURES

• CME Futures debuted 18 December 2017
• CME Futures trade 24/5
• HH Higher High for the first time in over a year
• A close today above $3950 would help confirm for the Bulls
• There is a nice gap area $3910 range

GRAYSCALE

• Looking Bullish Constructive
• Hourly possibly forming Ascending Triangle
• Is in a rising trend line
• Resistance is 4.90 then 5.0, 5.25
• Support is 4.45
• This puts BTC target at $4200 -4250

LONGS AND SHORTS

• Almost 23,000 longs
• Shorts a little above 22,000
• Longs have been paying 5x interest
• Small favor for longs with this set up
• Hovering in the range for a good week now

FEAR AND GREED INDEX

• Printing 56
• Traditional area for major drops is above 50

NVT

• BTC IS IN A SIMILAR PATTERN TO 2104
• Trades using fractals hard to manage
• Indicators dialed down after the top

WEEKLY TIMEFRAME

• The .236 coming ranging here
• BTC has not been able to close above established tend line
• RSI pointing up but PA has not increased. This is BEARISH.
• RSI is resetting and could indicate a MASSIVE move down

2-WEEK TIMEFRAME

• This is a CRITICAL ZONE
• Essentially hitting all tops since 2018
• Move above 10 SMA
• Confirmed kill would be additional open/close ABOVE 10 SMA
• Down turn area of contention would be $3750 range and Bull Tap Confirmation
• There is a continuation here as 21 , 55 crossing
• A new tick occurred last night creating Bullish Divergence
• UPSIDE would be to $4350 range on immediate Price Action
• Consolidation is confirmed by PA
• Overall to downside as long as below the 10 SMA

Good luck!

Tip Wallet - Contribute to Darcy's work here:
BTC: 17ensjJ2gaKfNfaZhzU7cEtJmV1Govtqq
LTC: LPKiZK65DFCoVQu7RAAizK1cCj4C9qcAHg
ETH: 0x2a19200dec8b815035960ad703e03a3f7796bbfd
BAT: 0x2a19200dec8b815035960ad703e03a3f7796bbfd

Darcy K. Butcher, MA. BA Print & Photo Journalism
Writer, Print and Photo Journalist, Blockchain Educator
I am interested in cryptocurrency from a social, cultural, financial point of view.

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For educational purposes only. This is not financial advice. DYOR
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