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Bitcoin: How hard is 11K for you?


Feb 27, 2018 Update

Finding Rhythm

Bitcoin is finding its rhythm, which has not yet been lost. Importantly, it is at the verge of a major break through since Feb 24, 2018. Although it has broken through Fib 0.786 level on 1H chart and still holds around it. MACD on 25/50hr scale remains higher and people might be interested to short at this level and see Fib 0.618, which is apparent at this moment. MACD and STOCH-RSI at a short-term scale as well as on a week scale suggest a pullback. 

Apparently the cross at TEMA/EMA 720H suggests the continuation of a narrow bullish cycle while the distance between these to is enlarging.

Key Patterns

1H - Engulfing bearish and Doji Star

Possible Trade

Hourly

RSI 61.419, STOCHRSI is oversold, & William %R is overbought.

EMA200 remains 10104 whereas EMA50 remains at 10315.

Short Range: 10700 - 10300 (SL Fib R3 10860)

Long Range: 10700 - 11769 (Fib 1.0)

Verdict

Perhaps one should refrain from trading and entering a solid position at this moment. BTC will confirm its direction in a day or so. Mostly it depends on whether the upcoming hours candles remain stagnant around 10650 or would it touch 10888 again.

An other way to look at this is that we wait for the confirmation of cup & handle pattern today. Handle is Missing!!! If happens, we go long after the breakout. If not, then you know when to short!!!



Fresh bull entries should wait for the upper resistances to be breached between 11-12k to confirm the continuation the set trend right from Feb 5, 2018.


Crypto Short

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