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.

Recapitulation:

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".

What Next !

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.