Crypto Analysis Report 2-16-18 Bitcoin...Sellers Were Waiting At $10000
Big whole numbers are psychological numbers for traders. It shouldn't be a surprise that we are getting a slight pull back at $10000. As indicated in my previous post:
There were sellers waiting at the $10000 mark, which is also a daily supply zone. Price reached as high as $10275 before price pulled back.
We are also seeing some profit taking by the day traders, who bought at $8600, $9000 and $9200 as indicated in the yellow circles on the 4 hr chart.
The red circle highlights the sellers that were waiting to short at $10000. However, this is a weak supply zone and I don't anticipate this price causing a new downtrend. Once we get past $10,500, the next test will be the sellers waiting at $11000. Nevertheless, my first target still remains $12000.
This post is my personal opinion. I’m not a financial advisor. Do your own research before making investment decisions. By reading this post, you acknowledge and accept full responsibility of any gains or losses.