Time: 8.25 A.M. / GM+2 / 27th Feb, 2018 – Tues.
As I wrote in my last post / 509 / we made Bitcoin Trend simple, to understand my thoughts and ideas on the subject of trend which may be used as a tool.
All of us know, that bitcoin's last leg down was directly caused by Japan and South Korea as Japan has been totally dominating the market and even the run-up from February 6th to the 17th was caused by Japanese buyers.
The bellow pattern / reverse H&S / looks ready ( is in the middle ) to confirm the potential climb, around 5000$ toward 15K.
Bitcoin price might retest the area between 9.5K and 10K, followed by upside continuation above 10.5K, to hit 10.75K, to be able to break the weak resistance at 11.7K opening the way toward 12.8K to hit the target 14.5-15K, on the end of March.
Bitcoin is currently trading around 10.26K at time of writing and the trend for today is bullish, supported by:
- 100 SMA is above 200 SMA so the upside move is more likely to continue.
- Stochastic is on the move up to suggest that buyers have the upper hand.
- RSI support the bullish pressure.
Support : 9500.00 level (Major).
Resistance : 11000.00 level (Major).
Expected trading for today:
is between 9500.00 support and 11000.00 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.
