Time: 6.43 P.M. / GM+2 / 10th Mar, 2018 – Sat.
In our previous post / 522 / we had forecast the trading range will be between 8.34K and 10.15K, and the trading was on this range.
Bitcoin had a fantastic run and the run-up was so spectacular. Any market that has experienced such a spectacular run must also experience a back-breaking correction.
If you check over the net you will see the sentiment is bearish, and bitcoin experts are still enthusiastically issuing low targets of 3K, 1K and lower!
Do these experts look at the charts before issuing such targets, after ingesting some toxic substance? Hard to answer. I think, they issue lofty targets that have a very low probability of being hit because if the market trades to these levels, they become instant heroes.
My point of view as holder and trader:
Bull market took a breather the last week.
Experts expecting bitcoin to surge to new lows ( 3K and 1K ) could be in for a shock the next months.
The crypto space is susceptible to FUD ( Fear, Uncertainty, and Doubt ) to a degree that is unprecedented in most marketplaces.
Entire populations move money in and out of crypto based on mainstream news sharing select stories.
The last week was filled with FUD ( Gripped by Hysteria ) regarding the future of crypto.
One of the things we pay very close to attention is investor sentiment, and as the bitcoin camp is in gripped by hysteria, we feel that it’s most likely to surge to new highs from the hysteria zone.
With panic come the perfect buying opportunities, the reason why I believe the long entry around 8.40K is perfect.
Note:
- If you are trader, place your SL below 8K.
- If you are investor, HODL.
For at least another hundred years we must pretend to ourselves and to every one that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer still.
John Maynard Keynes
Support : 8400.00 level (Major).
Resistance : 10200.00 level (Major).
Expected trading for today:
is between 8400.00 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.
