Bitcoin Trend / No. 505 / The Time Has Come
Time: 7.00 A.M. / GM+2 / 24th Feb, 2018 – Sat.
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, and played out, but the price of bitcoin was found the resistance 11.7K at the trend line from the highs in December, to move the ball back in the bears court.
Bitcoin is currently trading around 10.4K at time of writing and the price could need a fresh positive catalyst to can move in the bull court. Otherwise, the thing could get more darker.
The trend for today is slighty bearish, and the selling pressure might lead the price to the downside to break the supports at 10K and 9.6K.
Based on the head and shoulders pattern on 4-hour chart, I believe bitcoin price will hit 9.2K.
The right shoulder of IHS is in progress. and the big buyers will get on the market around 8.7- 9.2K.
Expected trading for today:
is between 8700.00 support and 11000.00 resistance.
Expected trend for today :
Slighty Bearish.
Medium Term:
Bullish.
Long Term:
Bullish.
The low of 2018:
5947.00 / IHS Bottom.
The high of 2018:
25000.00 level / Expected.
Excellent analysis indeed friend and thanks for telling us nice support and resistance levels for todays trading, Stay blessed
Stunning! The price seems to follow your forecast. At the moment we are on the way down to 10k again. The current period demands much patience and confidence, especially for HODLers like me.
10k-9.6k-9.2k..
Thanks for support..
Have a great weekend..
Hello @lordoftruth,
The price is going down to 9.8k, do you think it will breaks 9.6k today?
Thank you very much!
The price is going down to 10k support. Your forecast looks great.
Thank you @lordoftruth
concise and easy to understand as usual.
This post has received a 11.83 % upvote from @booster thanks to: @lordoftruth.
great trend i am looking to buy more so its really good
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is there any chance to get bitcoin in 6k?????????????
Lol in crypto everything is possible! But ofc. in TA you wont see scenarios that at the moment of writing have 0,00001% chance :D
even though it is slight in bearish mode the prices of some alts has gone way up it was a fantastic day to trade thanks for all your work and report :)