Bitcoin Trend / No. 515 / More Volume Is Needed To Get Through 12K
Time: 7.35 A.M. / GM+2 / 3rd Mar, 2018 – Sat.
In our previous post / 514 / we had forecast the trading range will be between 10.50K and 12K, and the intraday high was 11.35K, as we wrote yesterday:
"Technically, bitcoin looks set for another attempt to regain the 11.2K level which keeps bulls in control since February 21st, as we expected. Proper bullish conditions in the shorter timeframes / Up to 4H / will try to push the price to 11.25K and 11.65K."
U.S. Government, as well as the governments of China, Japan and South Korea, have lately faced significant issues which they hope new regulations they are working on will solve. A fundamental aspect of the crypto market was anonymity, and this too has come under question, with small sideways movements generally received like relatively muted reactions.
The regulator issued scores of subpoenas and information requests to ICO-related companies. At the same time the price of bitcoin managed to keep above the key 10K, the reason why many traders and investors are anticipating a new rally in spring.
Bitcoin price breached 11K ( 38.2% Fib extension ) and settled above it, Price seems to be aiming for the 12K ( 50% Fib extension ) major psychological mark.
The bullish scenario will remain relevant as long as the pair keeps above 10K support. I believe, the price will continues to work for us on its way to 12K, to complete the inverted head and shoulders pattern on the above chart to push the price toward 12.8K ( 61.8% Fib extension ), 13.7K ( 76.4% Fib extension ) to hit finally the full extension at 15.1K before the end of March, as Chinese Spring Festival is truly over now, with the 15th and last day passing yesterday.
Bitcoin is currently trading around 11.35K at time of writing and the trend for today is bullish. For now we are in the resistance range until 11.75k, so it will take either more volume or time to get through to 11.75K followed by 12K as BTC doesn't appear to have the momentum necessary to ascend this range quickly.
Support : 10500.00 level (Major).
Resistance : 12200.00 level (Major).
Expected trading for today:
is between 10500.00 support and 12200.00 resistance.
Expected trend for today :
Bullish.
Medium Term:
Bullish.
Long Term:
Bullish.
The low of 2018:
5947.00 / IHS Bottom.
The high of 2018:
25000.00 level / Expected.
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This is nice while driving :)
It's coming! BTC will hit $100,000 in 2018 I think!!
It will be 17000 and Steem will STILL be 3ish!
Indeed, I will come up with new post about steem, the next week
Thanks for support
Have a great weekend
we need some volume to come in to break the neckline at 11.5k..deffinately bullish, market sentiment is positive alot of big money getting ready to come in the market....My TA any thoughts?
https://steemit.com/bitcoin/@cryptoaltcoin/btc-usd-price-update-need-to-break-neckline-resistance-on-reverse-head-and-shoulders-12k-be2fe40ac2108
Great analysis. Price found buyer orders at $9400. As price has been moving up, it has been absorbing sell orders.
I anticipate price to continue making higher lows, but must deal with sell orders at $11600 as indicated in the red circle. However, as price has been moving up there are now stacks of demand orders forming as indicated in the white circles. These demand orders will serve as support.
In order for price to get to $17000, I anticipate another pull back if price can get through $12000 which will also be a nice buying opportunity.
With all my respect, there is a main factor, is negligent in this forecast.nevertheless i liked the technical analysis as it could be rational. Thanks for your great effort.
Your post is valuable and golden....i always follow your post...
thanks for sharing......
Great information.
Thanks for searing.
Only FOMO can do it lets hope for the best :D finally a chance
supper post,thanks for sharing