Time: 7.35 A.M. / GM+2 / 3rd Mar, 2018 – Sat.
In our previous post / 514 / we had forecast the trading range will be between 10.50K and 12K, and the intraday high was 11.35K, as we wrote yesterday:
"Technically, bitcoin looks set for another attempt to regain the 11.2K level which keeps bulls in control since February 21st, as we expected. Proper bullish conditions in the shorter timeframes / Up to 4H / will try to push the price to 11.25K and 11.65K."
The Last Week:
U.S. Government, as well as the governments of China, Japan and South Korea, have lately faced significant issues which they hope new regulations they are working on will solve. A fundamental aspect of the crypto market was anonymity, and this too has come under question, with small sideways movements generally received like relatively muted reactions.
The regulator issued scores of subpoenas and information requests to ICO-related companies. At the same time the price of bitcoin managed to keep above the key 10K, the reason why many traders and investors are anticipating a new rally in spring.
Recapitulation:
Bitcoin price breached 11K ( 38.2% Fib extension ) and settled above it, Price seems to be aiming for the 12K ( 50% Fib extension ) major psychological mark.
What Next !
The bullish scenario will remain relevant as long as the pair keeps above 10K support. I believe, the price will continues to work for us on its way to 12K, to complete the inverted head and shoulders pattern on the above chart to push the price toward 12.8K ( 61.8% Fib extension ), 13.7K ( 76.4% Fib extension ) to hit finally the full extension at 15.1K before the end of March, as Chinese Spring Festival is truly over now, with the 15th and last day passing yesterday.
What About Today!
Bitcoin is currently trading around 11.35K at time of writing and the trend for today is bullish. For now we are in the resistance range until 11.75k, so it will take either more volume or time to get through to 11.75K followed by 12K as BTC doesn't appear to have the momentum necessary to ascend this range quickly.
Support : 10500.00 level (Major).
Resistance : 12200.00 level (Major).
Expected trading for today:
is between 10500.00 support and 12200.00 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.
Thanks For Reading..
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What You Know About --> Fibonacci Retracement in Trending Market.
