Time: 8.15 A.M. / GM+2 / 12th Mar, 2018 – Mon.
In our previous posts / 522 / & / 524 / we had forecast the trading range will be between 8.242K and 10.150K, the intraday high was 9.70K, and the low was 8.43K, and as we wrote:
"Bitcoin price was found 8.34K support close to 61.8% retracement . The trend is bullish, break of 9.420K with additional resistance sitting at 9.675K are expected."
The price hit the additional resistance sitting at 9.675K. 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 price looks ready to resume its climb as a double bottom pattern formed on its 1H, but technical indicators are giving mixed signals:
- The climb is supported by EMA50 and 4-hours MACD.
- The down move is supported by Stochastic and RSI.
The reason why I believe, the price might test the bottom at 8.4K area again, followed by climb toward 10.15K.
Bitcoin is currently trading around 9.55K at time of writing and the trend is bullish for today, conditioned by stability above 8.4K.
8.4K ( 61.8% retracement level ) is an important support. Based on fib retracement, MA100, and Elliot wave.
If price is able to climb above 10.15K the next 48 hours, it could push the price to break 10.70K area.
Note:
- If you are trader and you BGT at 8.4K, move your SL to 8.242K.
- If you are investor, HODL.
Support : 8600.00 level (Major).
Resistance : 10150.00 level (Major).
Expected trading for today:
is between 8600.00 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.
