Something for bulls who are waiting for a long-term turn back.
n this 1D chart below, you can see the main SMA Channel (semi transparent blue zone), which remains bullish looking over 100, 200 days. The current pullback (March 6, 2018) has breached through the median line of this trend & remains close to the SMA150 line (middle of the channel). These median lines define the major support/resistance for this trend. The parallel channel for coming weeks (future) is plotted to annotated to address the possible scenarios (upward pullback / downward continuation). Note that the 0.5 line (NE-SW, green) of this trend meets the strong support level (9200), indicating a swing at this junction.
Interpretation:
March 6, 2018 pullback was predictable through Fib Time Zone Extension, which may have +/-1 days of an error. Now this zone has been confirmed. Next swing Fib level is 13 i.e. March 26, 2018 (+/- 2 days).
Despite the major drop BTC remains bullish. Current pullback may breach through SMA150 i.e. 10391.8. This pullback should be held around the secondary strong support level (9274/9200) indicated in the chart. If failed, the next downward target will be 7826, a point where this set trend will be deflected to bearish continuation. At present, I don't see if the primary support line i.e. around 6k will be breached in coming weeks. That will be a worst scenario to happen since it will break through and the set consolidation phase will be over and a new bearish cycle will continue.
Detailed chart
For now, the primary bullish trend ranges between SMA(100,200) channel i.e. 8256 - 13056 (min, max).
n this 1D chart below, you can see the main SMA Channel (semi transparent blue zone), which remains bullish looking over 100, 200 days. The current pullback (March 6, 2018) has breached through the median line of this trend & remains close to the SMA150 line (middle of the channel). These median lines define the major support/resistance for this trend. The parallel channel for coming weeks (future) is plotted to annotated to address the possible scenarios (upward pullback / downward continuation). Note that the 0.5 line (NE-SW, green) of this trend meets the strong support level (9200), indicating a swing at this junction.
Interpretation:
March 6, 2018 pullback was predictable through Fib Time Zone Extension, which may have +/-1 days of an error. Now this zone has been confirmed. Next swing Fib level is 13 i.e. March 26, 2018 (+/- 2 days).
Despite the major drop BTC remains bullish. Current pullback may breach through SMA150 i.e. 10391.8. This pullback should be held around the secondary strong support level (9274/9200) indicated in the chart. If failed, the next downward target will be 7826, a point where this set trend will be deflected to bearish continuation. At present, I don't see if the primary support line i.e. around 6k will be breached in coming weeks. That will be a worst scenario to happen since it will break through and the set consolidation phase will be over and a new bearish cycle will continue.
Detailed chart
For now, the primary bullish trend ranges between SMA(100,200) channel i.e. 8256 - 13056 (min, max).
Comment:
BTC holds the channel.
Trade closed: target reached:
BTC holds around the median line, confirmed.