Bucharest 8.30 A.M. / GM+2 / 22nd Feb, 2018 – Thurs.
Summary:
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, but the price of bitcoin was not able to hit the target expected of IHS at 12.6 k level, due a selling pressure that got started around 11.7 k on February 21, because a Bearish Divergence supported by Stochastic, to move the ball back in the bears court.
What I Waiting For !
I believe a natural rollback will lead the price to hit 8.7- 9.2K, around the end of first week of March, followed by upward move to hit 14.5-15K around the first week of April.
What About Today !
Bitcoin price kept its declining yesterday trying to test the solid support 10150.00 and start to climb again, supported by EMA50.
The price now is around 10800.00 and the trend for today is bearish, But due to a bit of bullish divergence, the oscillator formed higher lows while price had lower lows. So a bounce might move bitcoin price to 38.2% fib extension around 11100.00 level before to continue its decline.
Expected trading for today:
is between 10000.00 support and 11500.00 resistance.
Expected trend for today :
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.
