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.