Bitcoin Trend Series / EP. 532 / The Final Test
Time: 8.06 A.M. / GM+2 / 17th Mar, 2018 –Sat.
Keep in mind, it is common to see wild price forecasts on the downside when bitcoin price is falling and outrageous forecasts on the upside when bitcoin price was rising.
The total market capitalization of cryptocurrencies has plunged by as much as 23% from the highs of $89.9BN on last monday due to:
News that Google ( June of this year will take start ) will follow Facebook and ban cryptocurrency and ICO advertisements.
Trustee of the now-defunct exchange Mt.Gox has been selling large amounts of bitcoin to pay back creditors.
The reason why bitcoin price has dropped below 8k, and any decline below 7.362K ( Close to 78.6% Fibonacci retracement ) might push the miners that will start to lose money on mining, to stop their operations.
In our previous post / 531 / we had forecast the trading range will be between 7.30K and 8.70K, the intraday high was 8.60K, and the low was 8.00K.
The upside move for now is limited to 8.70K and bitcoin price continues to play out the double top pattern with 7.55K as target.
So, will the price of bitcoin jumb to the upside from this level ( 7.50K-7.60K ) and continue to trade above 7.362K?
This is the final test for bitcoin and my point of view:
"Another push down toward 7.55 K is expected to mark the end of correction and beginning of upside move".
Keep an eye and closely watch the 7.5K - 7.6K level, as is very important, un aggressive buying pattern take start around the bottom 7.55K. 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.
hopefully what we want from bitcoin goes well, thanks for the information
Let’s hope we find support at that fib retracement.
Cool graphic too!
Thanks for sharing the analysis.
We are already in Alpha 0.3 and things are looking great
For future viewers: price of bitcoin at the moment of posting is 8154.10USD
I really hope we find support for Fibonacci retraction.
The graphics are cool too
damn another big dip down the corner it seem to be tracing right there
Why don't we just hope for the best. And trust me I think it will go high up again. So let us have a positive approach towards it. Anyways thank you for sharing the analysis.
Fingers crossed so muh they finna break...thanx for the share
hi @lordoftruth , It's great post bitcoin! I enjoyed your content. Keep up the good work!
It's always nice to see good content here on Steemit! Cheers :)