A lazy Sunday and Bitcoin has no direction

11 feb 2018

Pivot point is at 8596. Below the Pivot point, there is a bearish scenario, above a bullish one. Fluctuating around Pivot point means an undecided scenario and a sideways movement.

The price of Bitcoin has no direction right now. Already for the whole day, it is fluctuating around support S1 level. I expect this to continue for a while. Maybe in the evening that we see a move in either direction.

I stay away from trading today.

11 feb 2018

Nota

The down move of BTCUSD did not reach its target at 7740. This is the first time since December 17, 2017 that a down move does not reach its target. It seems that the bear trend is losing some momentum.
The price is heading North right now towards Pivot point. The question is: Will it bounce at Pivot point or will it head towards the brown, dashed trendline and test it again?

11 feb 2018

Nota

BTCUSD is heading towards Point A and will be testing the brown dashed trendline again. Does the upmove have enough momentum for crossing that trendline sustainably? This would lead to a new trend, either an uptrend or a sideways movement. Beware of a possible bull trap.

However, what I expect is that BTCUSD will bounce on that trendline and thereafter lose value rapidly. The next important down targets are 6000 and 5511.