Bitcoin Trend / 12 - 02 - 2018 / Inverse Head & Shoulders on 5H
Expected trading for today is between 7600.00 support and 9300.00 resistance
Inverse head and shoulders on 5H frame, can we see 11500.00 level + ?!
There are big chances, if bitcoin price clear 9400.00 the critical resistance level.
I believe the major correction is over and the uptrend is set to resume, breaching 9400.00 level, will confirm the continuation of the bull run towards 10700.00 levels.
Bitcoin price now is around 8400.00 level. The trend for today is slighty bullish, supported by a H&S bottom at 6k / 76.40% Fib. But as the sellers still dominate the market since the first of Feb, we need to to breach 9400.00 level to continue the bull run.
Technical indicators give mix signals, and bitcoin market keep taking its cue from sentiment and equity markets as the correlation seems to be strengthening.
Breaching 9400.00 level and hold above it, will push the price towards 10700.00, followed by 11500.00 level.
Note; A continuation of the selloff could take it down to break 7600.00 level and this will push the price towards 6800.00 level, before any new attempt to raise.
Expected trading for today:
is between 7600.00 support and 9300.00 resistance.
Expected trend for today :
Slighty bullish.
Medium Term:
Bullish.
Long Term:
Bullish.
The low of 2018:
5947.00 / H&S bottom.
The high of 2018:
25000.00 level.
I hope we can see a rise in both bitcoin and Steem , just a little fall this time thank good it didn’t make another major drop
Thanks @lordoftruth, i would love to give you the following results i got from research i did 25 years ago on stock-market historics. Average success of a normal head- and shoulders formation is 85% but only 65% for a reversed bottom formation.
Maybe, but this is bitcoin :-)
The long term perspective is bullish, because cryptos in general are in times of mass adoption. And bitcoin is the boss.
Bitcoin is The Grandfather
:-) Long term bullish, yes. Bitcoin is the boss, yes. Nobody will go against that. I don't have enough statistical data yet to do same research on crypto but results with available data show very similar results as stock market and as such, i don't give too much importance on the inverted head- and shoulders, just saying :-)
@bubke
Thanks for note and good comment..
I agree fully with you..
By the way I SLD the 19700.00 and I BGT the 6100.00
For me the bottom is in and I am bullish as trader and investor from the 6 K
Thanks for support.
What do you think will happen with the price of steem?
up
In case of a sell of, before bitcoin breaks $7600, there seems to be another important support at $8000: the 200-day moving average.
we can only hope that the bitcoin is stable again.
I am sure, that the coin bit will skyrocket again.
hopefully true
Thanks for the analysis but always downbord, are you konw when incrage bitcoin.
Some of the information was unknown thanks
currently all coins are trading on the green zone , looks like the upward trend may start soon, let see what happens after the chinese new year, if BTC surges then all the other coins will surge too
I'm positive BTC can go up a lot more before gravity drags its value towards the bottom to something steady.
Informative post upvoted