BTC/USD Bitcoin Challenging Strong Resistance March 4 2018
Updated
Price has hit the 9200-500 solid resistance and is currently
showing some signs of weakness, especially on the H4 timeframe
were we see bearish divergence. Still, I think the close yesterday
above the Feb 20 close showed determination from Bulls. Next
weeks new weekly pivots will give more guidance as of supports
below, but in general, price should not close below the upper
descending channel and preferrably it would find support by
the breakout level around 10800. If price decides to continue
creeping higher , there is not much resistance above 9500
until 12700 (Monthly R1).
Overall (from a Ichimoku perspective) price is awaiting a
Cloud twist before making a serious attempt to shift the
trend to bullish and break above the Cloud and since the
upper Cloud will be on a lower level in a few days (March 8)
we could see some retracement or sideways action before
that time and by then, the Cloud twist will be in place.
showing some signs of weakness, especially on the H4 timeframe
were we see bearish divergence. Still, I think the close yesterday
above the Feb 20 close showed determination from Bulls. Next
weeks new weekly pivots will give more guidance as of supports
below, but in general, price should not close below the upper
descending channel and preferrably it would find support by
the breakout level around 10800. If price decides to continue
creeping higher , there is not much resistance above 9500
until 12700 (Monthly R1).
Overall (from a Ichimoku perspective) price is awaiting a
Cloud twist before making a serious attempt to shift the
trend to bullish and break above the Cloud and since the
upper Cloud will be on a lower level in a few days (March 8)
we could see some retracement or sideways action before
that time and by then, the Cloud twist will be in place.
Note
Early when I wrote this but ofcourse, not 9500 but 11500 resistance. Sorry about that.
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