Bitcoin Trend / No. 503 / Reality Vs Fiction In Play Now!

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.