Bitcoin Daily Chart Analysis – 28Feb2018

Bitcoin has faced clear selling pressure today at 11,000 level and the chart towards end of day has turned bearish in the near term for next few days unless we see a strong buying with green closing.

At the time of writing this post, Bitcoin is at 10,480 and its possible that Bitcoin may test 9500 in the next 4-5 days, before buying support can emerge again.

If Bitcoin can defend 10,000 level after today’s bearish signal, that will be very bullish, but the probability of it looks very less, because of failure to hold 11,000 – 11,500 levels on two different days.

If Bitcoin falls below 9300, then it would be breakdown, and the next buying support comes only near 8000 level. The probability of it looks high as of now.

 

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