Bitcoin price analysis and forecast for week of March 2nd, 2018
The reversal is happening. We’ve had a full completion of the time cycles that I have been discussing the past couple weeks. To analyze this impending reversal, we need to review the cycles that completed. We also need to analyze the technicals and then see where they key areas and price levels we need to hit.
A myriad of time cycles completed over the last couple weeks. Let’s review those:
1. Monster confluence zone in time – this is a period of time that extends over a period of days. It is filled with various triggers dates and zones before the cycle is completed. Each one is like loading a gun.
a. March 17th – phase begins – high probability of markets to trade lower during this moon phase.
b. March 18th – Midpoint of a time cycle, an important square in time. More importantly, a 90-day time cycle ends. It is the most powerful division of the one-year cycle. 90 days up or down will usually start a countertrend movement and/or reverse a trend. Against extreme momentum and/or pitch, can go to 99 days.
c. March 24th – The long-term uptrend and downtrend lines intersect.
d. March 28th – 99th day in the extended cycle.
e. March 28th – Fibonacci time .
f. Marching 31st – phase begins – high probability of markets to trade higher during this moon phase.
In addition to those cycles, we discussed some astrological events that showed up, such as the Mars-trine-Uranus on March 22nd and Venus-conjunct-Uranus on March 27th.
Important Levels Reached
The long black arrow is pointing right at the most important convergence zone in Bitcoin since February 5th/6th. The long-term up and downtrend lines converged right on the beginning of the Full Moon. Not only that, but both oscillators (The CI and RSI) are in oversold conditions on the daily chart and the CI is showing bullish divergence. Based only those technicals, we have an extremely bullish setup.
Also, I wanted to point out the .886 Fibonacci level. This is not a default level on any trading software. It is, however, an extremely important and highly reactive Fib level. Price was rejected lower right on this level. If you want to know about a little and fairly unknown secret in trading, the .886 Fib level is one of those little secrets.
Target area for the week
There are two price levels for the week that are important, and one that must be reached: 7200 and 8333.
7200 needs to be reached and traded above this week. We can be extremely bullish if Bitcoin were to reach above the 8333 price level. The 8333 level would bring us back above our Gann arc and show staunch resistance for lower prices.