Quick preview of my past TA - Bitcoin Technical Analysis - 23 March 2018

3 days ago, I said that the short-term movement of the price is bullish; however, I wasn't certain up to how much the price will go up as the indicators showed only neutral to slightly bullish signal.

As you can see below, the price went up and tested the $9k zone resistance thrice before going back down. Price is now at around $8.1k and looks like it has just completed the corrective wave 3 as shown below.

Assumption of completion of corrective wave 3 is supported by 1:1 Fib. extension and bullish divergence of MACD. I am expecting the price to go up up to $8.4k to complete the corrective wave 4 in the short-term. After hitting $8.4k zone, going back down to $7.7k zone(and possibly lower) is expected.

However, if wave 3 is not yet complete, then, it is possible for the price to go down to $7.65k zone (1.618 fib. ext.) before going back up for wave 4.

Clear breach of $8.4k zone will invalidate this TA.

Expect trading today between $7.6k and $8.4k.

Disclaimer

This is my personal view and I don't claim it to be a professional financial guide. Your decisions are only controlled by you and only you. Listen to what others say, but don’t believe everything that you hear. Research, analyze, and think. In the end, you can only thank yourself for believing in something that is true. Likewise, you can only blame yourself for believing in something that is false.

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