Time: 8.13 A.M. / GM+2 / 29th Mar, 2018 – Thurs.
- DMA shows epic parallelism. Be patient and wait for movement. I tend to think that bitcoin price will see some western institutional / Funds cash investment in the 2nd quarter. Most of those institutions had a terrible first quarter and will have to take an amount of risk if they want to go back on their feet.
In our previous post / 545 / we had forecast the trading range will be between 7.50K and 8.37K. The intraday high was 8.120K, and the low was 7.661K.
Based on Elliott Wave most likely short term recovery from the possible turning point around 7.500K and 7.651K (Lower Low of 5H 21:00 Mar 14) located at .786 Fib retracement, towards 8.6K followed by 9.26K is expected. As the speculators wait for fresh entry point, assuming that there are no any negative steps, reports and news in the industry in the nearest future.
I am still short term slighty bullish because I expect un upmove. So our bullish scenario toward 13.55K remain valid supported by 3 Drive Buy Pattern / 542 / as long as the price above 7.26K.
Be aware of drop below 7.26K lows as it will mean irrational behavior for bullish market, because this could lead to collapse of bullish scenario and drop below 6K.
Support 1: 7500.00 level.
Resistance1 : 8375.00 level.
Support 2: 7247.00 level.
Resistance2 : 9260.00 level.
Expected trading for today:
is between 7500.00 and 8375.00.
Expected trend for today :
Slighty Bullish.
Medium Term:
Slighty Bearish.
Long Term:
Bullish.
The low of 2018:
5947.00 / IHS Bottom.
The high of 2018 (BitcoinTrader's Year):
14000.00 level / Expected.
The high of 2019 (Bitcoin Holder's Year):
??? The new all time high is expected.
YOU SHOULD NOT TAKE ANY MATERIAL POSTED ON THIS BLOG AS RECOMMENDATIONS. TO BUY OR SELL BITCOIN OR ANY OTHER INVESTMENT VEHICLE LISTED.
Writing a series means playing a long game,
investing considerable time and effort up front in
hopes of considerable returns down the road.
I'm so proud of my little blog, and so grateful to all of you
for support to keep it going.
If You are New in Trading --> Read Trading Education Center / Volume I.
What You Know About --> Fibonacci Retracement in Trending Market.
