Bitcoin Trend / No. 518 / Steady & Calm Bullish
Time: 8.03 A.M. / GM+2 / 6th Mar, 2018 – Tues.
In our previous post / 517 / we had forecast the trading range will be between 10.70K and 12.80K, the intraday high was 11.65K, so bitcoin price still not able to breach 11.791K, due to the low volume.
We did draw the above chart on Feb 21, and we still believe the inverted head and shoulders pattern, will be able to push the price toward 12.8K, 13.7K to hit finally 15K before the end of march.
Bitcoin has been testing key resistance ahead of the 12K, which it has failed at twice since late January. Market technicians see a high likelihood of third push toward that level.
Saturday Lower Low was at 10.8K - Sunday at 11.05K - Monday at 11.375K. As support and bag holders is increasing in my opinion, today the lower Low theorically might be at 11.50K!
A rejection at 11.791K would bring a small correction, that might lead the price to re-test 10.5K-10.7K range.
Bitcoin is currently trading around 11.30K at time of writing and the bullish trend is valid for today, conditioned by stability above 10.7K, that might hold as a floor from here, supported by 4-hours MACD and SMA / 100 SMA is above 200 SMA/.
Trading volume is still so low and bitcoin price shows calm bullish. We need to hit 11.791K. As above thie level, buyers will get back in and ready to push bitcoin price ( trading volumes could recover ) to the next upside 12.20K followed by 12.80K.
Support : 10700.00 level (Major).
Resistance : 12800.00 level (Major).
Expected trading for today:
is between 10700.00 support and 12800.00 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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Greatest resistance i have seen till now not even going beyond