20 March 2018 | Darcy K. Butcher, Journalist | Pacific Rim International
BITCOIN, BTC FORECAST
Bitcoin is right at resistance. The last four days BTC has been ranging in support/resistance $3930-4000. Zooming out we see it BTC moves to $4040 upside with volume to sustain a rising wedge and strong bullish presence would be $4150-4550 range.
- Last FOUR months has been buy the 200 SMA and sell the 200 EMA
- $4085 2018 trend line
- $4120-4150 2-3 day Bollinger Band
- $4160 3-DAY $4160
BEARISH OUTLOOK
Presenting a nice set up for a sell and a failure of the 3-Hour timeframe would signal a sell. This is a prior and tested high and Bears do not believe BTC lows are in. Bigger picture displays consolidation overall. Lowest Range $2200 -2300 Massive High Volume Notes here.
BULLISH OUTLOOK
Confirms an overall short term upside sentiment. Range: $4100 - 4550
WALL STREET JOURNAL
Presenting several negatively toned articles which is a contraindicated signal and/or trade for many
12-HOUR
- BTC IS RANGING in-between 10/200
- 10 SMA is now support
- 200 EMA is Resistance
HOURLY
- Stoch is up
- Historical with this range haven a drop off
- Some bearish divergence, quite mature
- Breakout above 4110 would test Higher High (HH)
- Expect some to take profits
2-HOUR
- FRESH cross up on the Stoch
4-HOUR
- Sitting on horizontal trend line
- Possibly setting up for Bull breakout
- Still up (this is lagging)
8-HOUR
- Stoch is down
- May try to bounce
DAILY
- $4030 Bollinger Band
- If BTC hits $4110 it is looking to form IH&S (Inverse Head and Shoulders pattern)
- This would solidify more Bullish sentiment
- Needs to hold $3930 and the 89 SMA
- Lack of volume is signature for low range moves $3500-3650
2-DAY
- The 50 was taken out
- Rejection is historical here after such a move (Bull trap)
- Stoch is angled UPWARDS which can be good buy indicator
- Bullish set up would be: 5-12% rally up to $4400 and 2-day 89
- Bulls would need to push above $4150
3-DAY
- Above both 10 and 21 EMA
- Stoch ganging upside momentum
- Some resistance here sitting on the top of the trend line
WEEKLY
$4043 Histogram
MONTHLY
- 89 coming in at $2500
- Extended bull run would be to deeper $4000-4500 range
- Broke for first time in BTC history and held below for three months
- Close below 10 SMA & 21 EMA would be corrective overall (price structure/signature)
CME FUTURES
- BTC reached first confirmed Higher High (HH)
- When Futures began the HH record was $17,900
- Similar signatures are being presented here
- Golden Cross is 1-2 days out with confirmed upside continuation
- Upside would need to break above $4060 range
- Low side here is $3350-3550 range
GRAYSCALE
- Opened above 89 then IMMEDIATELY rejected - Could be Bull Trap
- Support is 4.50 (above here is constructive for Bulls)
- However if 4.50 would signal extremely Bearish
- Bearish zone: $3340-3400 (the 200)
BITCOIN CURRENT KEY LEVELS
$4375
$4305
$3800
$3662
$3230
$2860
Full fear is on 0 full greed is on 100. If this works like it should this post will be auto updated with each refresh so you can ie bookmark it.
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Darcy K. Butcher, MA. BA Print & Photo Journalism
Writer, Print and Photo Journalist, Blockchain Educator
I am interested in cryptocurrency as a social, cultural, financial point of view.
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For educational purposes only. This is not financial advice. DYOR
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