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?
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.
Bottom is hard to predict here, but 9.6k was definitely not it. Common sense says 8.85/8.9k where the orange arrow lands, but I would be careful here, since many shorts still need to close. I think we both know what that means ;)