In this chart, we can see the red dashed channel resistance line CR and the green dashed channel support line CS. The steep green dotted line was a support until Wednesday, when it was crossed and turned into a resistance line.
How will the price of Bitcoin further develop? Will the uptrend continue and the price climb towards 25000? Will the old downtrend take over and let the price of Bitcoin fall towards 5511?
How will the price of Bitcoin further develop? Will the uptrend continue and the price climb towards 25000? Will the old downtrend take over and let the price of Bitcoin fall towards 5511?
Comment:
A new day, a new Pivot Point system. Pivot Point is at 10041 and the resistance and support levels are narrower. The situation is still undecided. Up or down? It is still 50:50. An outbreak on the upper side (red dashed trendline) of the channel would open the way to higher levels. Moving further down would lead to the 5511 target.
Comment:
There is an ongoing battle between Bulls and Bears. It is still undecided in which direction the price of Bitcoin will head. Once support S2 at 9229 is broken, or the red dashed upper channel border, price is expected to rush into the chosen direction. Make sure that you don't miss that great entry point for a profitable trade.
Comment:
It is Sunday Morning. Pivot Point is at 9839 and most resistance and support levels are lower. There is still no decision about the future direction of BTCUSD. I expect another day within a narrow trading range.
Comment:
The below chart shows the new Pivot Point System of Friday, February 23, 2018. Pivot Point is at 10160.
Target 12000 could not be reached; the uptrend was not strong enough for overcoming the double resistance of the red dashed resistance line CR and the old Thursday R1 at 11059. Is this a hint for a strong downtrend still effective? The next few days will provide the answer.