Time: 12.15 A.M. / GM+2 / 16th Mar, 2018 –Fri.
Falling the price of bitcoin under 8.6K was made the things more complicated, as there are two horizontal support:
- The 7K area is the low of February this year.
- The 5K area is the high of last summer.
To conclude:
Bitcoin price should continue to trade above 7K ( Most likely ) to remain in a strong bull market, if so, the next cycle up will start on the end of March.
If 7K gives away, the price will move to 5K ( I do not think so ). But it does NOT imply that the bull market is over, but it would imply that, the next cycle up will start later this year.
Another push down toward 7.55 K after reaching 8.4K is expected ( The end of correction and beginning of upside move ). The reason why we have to keep un eye and closely watching the 7.5K level, as is very important for us, un aggressive buying pattern take start, around the bottom 7.55K and in the same time the price hold above 7.362K. This will be the basis for our forecast as only that will confirm that 7.55K is a bottom and that, the price is ready to go higher.
Support : 7300.00 level (Major).
Resistance : 8700.00 level (Major).
Expected trading for today:
is between 7300.00 support and 8700.00 resistance.
Expected trend for today :
Slighty Bullish
Medium Term:
Bullish.
Long Term:
Bullish.
The low of 2018:
5947.00 / IHS Bottom.
The high of 2018:
25000.00 level / Expected.
Interesting analysis, hopefully we will see some light soon...I like your cool pic...happy weekend.
Thanks Mate for support and for nice words..
Have a great weekend
interesting information.
I can learn a lot from your blog.
thanks for sharing.
Nice post
Nice post,,,,,
This post has received a 13.94 % upvote from @booster thanks to: @lordoftruth.
It's a good point of view, you express your way of seeing things in a very concrete way
we sure will see $7200 in couple days or even earlier :)
This is coming back up not stably very interesting pattern today