Bitcoin has been trading within an uptrend for two weeks, since February 6, as I predicted.
And paused from its climb yesterday, as the selling pressure got started from 11.7 k due to bearish divergence, as I wrote yesterday, in my last post :
"Stochastic indicate, selling pressure might return soon
( bearish divergence ).
The reason, why I think the upmove will be limited
today to 12000.00 level."
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Expected trading for today is between 9700.00 support and 11700.00 resistance
Looks like fear is stronger than greed. The reason why bitcoin price has reached an intersection of sorts at 11.7 level, caught between positive and negative forces.
Most of you know, that I went up with a call buy at 6.1 k ( close to the bottom at 5.947 K ). Yesterday I SLD at 11.65K. As I wrote in comment :
"To be honest I do not like this bearish divergence, as might lead to a big drop from 11700.00 the top of today or from the 12000.00 level. ( No new bottom. Do not panic )."
"My last buy call at 6.1K gave a profit 5500$ per bitcoin
( I SLD at 11.65 K )"
You might ask : Why I sold?
My answer is : The ball is back in the bears court.
Bitcoin price now, is around 11100.00 level and the trend for today is slighty bearish. I will come up with new update, today later or tomorrow morning with charts and more info about the possible drop.
Expected trading for today:
is between 9700.00 support and 11700.00 resistance.
Expected trend for today :
Slighty Bearish.
Medium Term:
Bullish.
Long Term:
Bullish.
The low of 2018:
5947.00 / H&S bottom.
The high of 2018:
25000.00 level / Expected.
