XBT/USD Bitmex daily price update - 12 March 2018

BITMEX:XBT   Bitcoin / US Dollar Index
Discliamer - Not financial advise but thoughts and learning which you can learn from

First things first. I was wrong in yesterday's analysis. My thought was that price might bounce from $9400 and retrace till $8900 but did not happen.

I was also sitting on a short from $9200 to $8900 which did not happen, and I liquidated today in the morning.

Today I am planning to go long till $10.2 K and then evaluate post that. Why I am doing this?

Because the XBT price line -

1. Clearly cut through the resistance at $9400 to reach a high of $9780
2. Formed a bull flag in the $9200 zone, went up forming one again around $9500
3. If it stays above $9400 it is great news and a positive sign for this week
4. Final target is $10.6K, may retrace from around $10K to $9.2K before the final push up

Confluence points using bollinger and -

1. Price moving across upper Bollinger on a 4H chart
2. Price moving towards middle Bollinger on 1D chart which is around $10.2K
3. RSI above 50

Let me know what you guys think about this.

Aditya Ahluwalia
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