Bitcoin Trend Series / EP. 525 / Price Must Climb Above 9.675K To Can Hit 10.15K
Time: 8.15 A.M. / GM+2 / 12th Mar, 2018 – Mon.
In our previous posts / 522 / & / 524 / we had forecast the trading range will be between 8.242K and 10.150K, the intraday high was 9.70K, and the low was 8.43K, and as we wrote:
"Bitcoin price was found 8.34K support close to 61.8% retracement . The trend is bullish, break of 9.420K with additional resistance sitting at 9.675K are expected."
The price hit the additional resistance sitting at 9.675K. The reason why we still believe the reverse H&S pattern ( We did draw the below chart on Feb 21 ) will be revised slightly as soon as right shoulder will be formed, and target mostly will stand around 15K.
Bitcoin price looks ready to resume its climb as a double bottom pattern formed on its 1H, but technical indicators are giving mixed signals:
- The climb is supported by EMA50 and 4-hours MACD.
- The down move is supported by Stochastic and RSI.
The reason why I believe, the price might test the bottom at 8.4K area again, followed by climb toward 10.15K.
Bitcoin is currently trading around 9.55K at time of writing and the trend is bullish for today, conditioned by stability above 8.4K.
8.4K ( 61.8% retracement level ) is an important support. Based on fib retracement, MA100, and Elliot wave.
If price is able to climb above 10.15K the next 48 hours, it could push the price to break 10.70K area.
Note:
- If you are trader and you BGT at 8.4K, move your SL to 8.242K.
- If you are investor, HODL.
Support : 8600.00 level (Major).
Resistance : 10150.00 level (Major).
Expected trading for today:
is between 8600.00 support and 10200.00 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.
Do you know that the insolvency manager of MtGox has sold about 40k BTC during the last few weeks? And so still 160k are awailable from the 200k BTC of the MtGox funds which were found after the closure of this damn exchange.
Yes, I know but also I think 8.4K will hold as this area will attract new buyers.
Let us hope the price will hold as I believe, else the price will retest 6.1K and I do not think so.
He is not selling them on the market now after being treatened with sues for manipulation
I am hoping that BTC may cross 10K today....Happy to see longterm sentiment is still bullish, which boosts our confidence!
good news coming
Hello my lord! I just noticed this pattern:
Note: RSI 2 hr chart interval.
Thus, I think we are on a bullish trend and it is unlikely to retest the $8,400 zone. What can you say my lord?
There are no Bullish, Cup or Elliot waves. Read my blog and you will understand.
Don't you think this scenario is possible?
Or do you mean technical analysis is not true?
Also, which blog do you mean? I read your last 4 blogs and you didn't give any explanation aside from the volume and news.
let the bull run all the way hopefully it will break every resistance like previously
Excellent information of bitcoin, nice post, thanks for sharing
This great information I appreciate your bitcoin thanks for sharing this crytocurrency news..Best of luck..
good news coming in today so will hold the bullish pattern thanks for all your T.A signals looks good today :)
what news are you referring to?
alts are picking up after good pump up in the prices which is great :)
Cryptocurrwncy is important for us...tyanks for sharing...