Time: 7.54 A.M. / GM+2 / 11th Mar, 2018 – Sun.
In our previous posts / 522 / & / 523 / we had forecast the trading range will be between 8.40K and 10.20K, the intraday high was 9.49K, and the low was 8.43K, and we wrote about bitcoin camp that is in gripped by hysteria, and why 8.40K ( 61.8% retracement level ) is perfect buying opportunities. The reason why we still believe the reverse H&S pattern ( We did draw the below chart on Feb 21 ) will be revised slightly as soon as right shoulder will be formed, and target mostly will stand around 15K.
Bitcoin is currently trading around 8.5K at time of writing and the trend is bullish for today, conditioned by stability above 8.242K.
8.4K ( 61.8% retracement level ) is an important support. Based on fib retracement, MA100, and Elliot wave.
Bearish momentum only confirms when the support 8.242K are breached. Else a healthy play of local price manipulation with low volume.
Do not focuse on the current bitcoin price dip only, it makes you lose track of the bigger picture. We see big dips every year. This cycle has been present and seems destined to repeat itself. Every Bitcoin price dip is a new buying opportunity. Lower prices will attract new speculators and investors alike.
Note:
- If you are trader, place your SL below 8K.
- If you are investor, HODL.
Support : 8242.00 level (Major).
Resistance : 10150.00 level (Major).
Expected trading for today:
is between 8242.00 support and 10150.00 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.
