Bitcoin: March R-S Junction

Following the higher highs and lower lows over past months, I predict an R-S junction, a point where major swing in price happens. If no new HH is formed based on previous ATHs and ATLs, I expect the next junction again would be bearish or a short-term bearish pullback.

Previously, the R-S Junction#2 was placed around Feb 21 when the price pulled back from 11.7 to 9.3 & formed a triple bottom, cup and tea pattern. However, a real breakout of Feb 21 is due and will that happen, is a million dollar question.

March 29, 2018: R-S Junction

Since an R-S junction (HH and LL) only defines an approximate time, the prediction of price should be based on other parameters.

Assuming the continuation of on-going bullish momentum and a breakout of 11800, March 29 (+/-1 day) would be a short-term price retracement and a development of bearish trend. I would suggest reacting as per market trend and set a short if happens.

This junction lies close the set Golden Ratio Trend.

The details of this chart can be followed in my following post with title:

Bitcoin: Are Bears Coming Back?

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