Time: 7.00 A.M. / GM+2 / 24th Feb, 2018 – Sat.
Recapitulation
Bitcoin has been trading within an uptrend, since February 6, when the Bottom Has Been Found at 5.947 k, and Inverse Head & Shoulders on 5H was formed on February 12, and played out, but the price of bitcoin was found the resistance 11.7K at the trend line from the highs in December, to move the ball back in the bears court.
What Next !
Bitcoin is currently trading around 10.4K at time of writing and the price could need a fresh positive catalyst to can move in the bull court. Otherwise, the thing could get more darker.
The trend for today is slighty bearish, and the selling pressure might lead the price to the downside to break the supports at 10K and 9.6K.
Based on the head and shoulders pattern on 4-hour chart, I believe bitcoin price will hit 9.2K.
The right shoulder of IHS is in progress. and the big buyers will get on the market around 8.7- 9.2K.
Expected trading for today:
is between 8700.00 support and 11000.00 resistance.
Expected trend for today :
Slighty Bearish.
Medium Term:
Bullish.
Long Term:
Bullish.
The low of 2018:
5947.00 / IHS Bottom.
The high of 2018:
25000.00 level / Expected.
Thanks For Reading..
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What You Know About --> Fibonacci Retracement in Trending Market.
