Bitcoin Trend Series / EP. 540 / Short Term Bullish Trend Still Valid / The Big Picture
Time: 6.43 A.M. / GM+2 / 23rd Mar, 2018 – Fri.
in our previous post / 539 / we had forecast the trading range will be between 8.20K and 10.20K, the intraday high was 9.04K, and the low was 8.33K.
Our short term bull scenario and our target at 13.55K are still valid and only a drop below 7.24K will cancel the bullish wave as it will mean irrational behavior for bullish market.
Bitcoin made a pullback to 8.40K and my P.O.V. the potential support around 8.299K will hold, anyway the trend is bullish and only a drop below 7.24K make us start considering different scenario.
In our post dated on / Feb 6 / we had forecast the low of 2018, and our target around 6K was accurately has hit last month where we've expected upside action.
In our post / 502 / we wrote about reverse H&S Pattern and the drop to 8.7K-9.2K which usually suggests a rise to around 14.5K-15K. But recent statements from Tweeter, Facebook and Google on forbidden of BTC advertisement and some other comments have pressed on BTC. As a result, bitcoin price has kept this setup, but achieved a bit deeper target at 7.24K ( 5/8 Fib level ) the reason why I came up with the post / 529 / to confirm the upside reversal.
- Based on the below chart, we could estimate the bull target at 13.55K that will creates agreement resistance, and potential bearish "222 Sell" Pattern.
Support 1: 8119.00 level.
Resistance1 : 9260.00 level.
Support 2: 7800.00 level.
Resistance2 : 10150.00 level.
Expected trading for today:
is between 8199.00 support and 9260.00 resistance.
Expected trend for today :
Slighty Bullish.
Medium Term:
Slighty Bearish.
Long Term:
Bullish.
The low of 2018:
5947.00 / IHS Bottom.
The high of 2018:
14000.00 level / Expected.
The new all time high is expected on 2019.
investing considerable time and effort up front in
hopes of considerable returns down the road.
I'm so proud of my little blog, and so grateful to all of you
for support to keep it going.
Thank you for your continuous and very reliable effort. I always feel reading your analysis adds value.
Thank you also for adapting you support/resistance summary at the end - that makes my life easier!
Thanks..
Yes, it is not easy..
But the biggest effort is yours..
Because you must find the balance between 5 analysts..
This is really so hard..
By the way we are on the swingy zone ( for now it is between 8.2 and 9.2 ) check the post 534
https://steemit.com/bitcoin/@lordoftruth/bitcoin-trend-series-ep-534-the-sun-to-rise-again
Wish you a great weekend and safe travel..
I hope your right, it's been going down for a long long time :(
Well I understood what you say there, normally when I read forecasts from other people I don't know what they are trying to say.
Some read the chart .. but they loose the big picture..
Thanks for support..
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