BTCUSD Analysis 02/28/2018
- We have pretty strong confluence at 0.618 level and the reasons are as follows:
1. BTC has consistently bounced off 0.382 line since 6000.
2. Fair to Good Divergence Signal (Based on 4 hour chart)
3. While BTC has beeen consistently rejected at major trend line started at 20k, this time the fall hasn't been as bad as last two times that it has been tested.
4. According to Dow's Theory(at least in my point of view), we haven't yet witnessed Lower Low, or Lower High. EH - Maybe. (9082 is where I think may be a flip zone from bullish to bearish)
5. And then in our short term bearish trend, pattern , Fib 0.618 meet altogether at 9962 line. Also, we have phycological support at 10k.
1. BTC has consistently bounced off 0.382 line since 6000.
2. Fair to Good Divergence Signal (Based on 4 hour chart)
3. While BTC has beeen consistently rejected at major trend line started at 20k, this time the fall hasn't been as bad as last two times that it has been tested.
4. According to Dow's Theory(at least in my point of view), we haven't yet witnessed Lower Low, or Lower High. EH - Maybe. (9082 is where I think may be a flip zone from bullish to bearish)
5. And then in our short term bearish trend, pattern , Fib 0.618 meet altogether at 9962 line. Also, we have phycological support at 10k.
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