Crypto Trade Academy

Bitcoin Update, 23.02.2018

Bitcoin’s rally lasted  long enough to persuade the big part of the crypto community into thinking that there won’t be any pullbacks along the way to 14K. I warned in the previous postings about the possible fake-out breakout. It happened. The correction touched exactly 38 % Fibonacci retracement.

Since we are still in recovery period the market is more prone to dump any coin at the first glance of trouble. I anticipated the move and dumped almost everything at around $ 11.400. Now I’ve been waiting patiently for the re-entry moment. I’m hoping it’s going to be at around + 9K  but things might change very fast and I’ll enter higher. I’m actually buying coins now which I posted in the new watchlist.

What I really don’t want to see is BTC going bellow $ 8.900. In the coming days I expect that the price action will consolidate between the upper resistance line and the current support $ 9.800, or the anticipated lower support. Alts are also very cheap now, they will be way more expensive near the upper BTC resistance line.