BITCOIN gearing to move higher as the market gradually turns bullish
Age 9yrs 2mos
Marketcap (current) $193.0B
Price (USD) $11,422
24hr Change (%) +3.97%
24hr Trade Volume $6.9B
All Time High $20,089
All Time High Date 2017-12-17
% down from ATH 43.14%
BITCOIN ROI :
1 week 14%
1 month 18%
3 months 0%
1 year 971%
3 years 3,919%
With Bitcoin over all market cap dominance of 44.15%, its market price continues to move high recovering from it's ALL TIME LOW of $6029.
The volume traded daily also continues to increase, which is currently $6.9B Trade Volume (24hrs).
A lot of news surrounding the currency, according to www.telegraph.co.uk - 1 days ago "Bitcoin is failing as a currency and must be held to higher standards",
On Monday, February 26, 2018, 11:50:50 AM, looking into BTCUSD CHART using 180mins time frame. BTCUSD has strongly maintained a support at 9201.3usd which has also showed a pattern called INVERTED HEAD and SHOULDERS( bullish move) with move signal given on the volume,we were all waiting for the completion of the right shoulder as we also wait fora rise on the volume to set in and patiently waiting for price to get back to 0.5fib retracement level as shown below
LAST MONTH CHART
Patiently waiting for a bullish move on the volume to complete the right shoulder in which price will move back to 0.5fib level.
Looking at it on a higher time frame, 1day on Monday, February 26, 2018, 12:21:25 PM
BTCUSD was showing a pattern called descending broadening wedge, with an expected breakout on the up side.
With a minimum of 2 support and minimum of 2 resistance, if broken out a measured move up starting from its $13k toward $17k and might likely break ATH.
With all these double charts with different time frames, we were all patiently waiting to see what will happen next as to the result of the charts layout.
as seen above, BTCUSD was currently respecting the 0.382fib retracement level before any other move will be decided always the 0.5fib level will be the move.
Confirmation of the 1st chart, with the volume we were patiently waiting for came out. Price returned to 0.5fib retracement level(major throwback). 0.5fib still holding price back down same as the neckline of the inverted head and shoulders, if broken we will see some targets of $13k towards $17k as mentioned ealier.
With its 0.382fib level being held, BTC moved up to breakout of the descending broadening wedge.
All chart turning to be good, as BTCUSD currently crossing the 0.5fib retracement level.
TECHNICALS suggests BTC price should touch those price targets as it moves up.
Disclaimer: The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.