Market Review. Results of the Day. No Money, But You Keep Up! 02/22/2018.
February 27, 2018
Changes (over the weekend):
Bitcoin is trading above $10,000. Support level is $9,300, resistance level is $10,500. From the technical point of view there are more reasons to expect further decline at the moment. BTC price is still in a long-term falling trend with a serious resistance level of $12,000. Many traders begin to see a pattern called inverse head and shoulders on the chart. However, currently this pattern looks ugly and assymetrical, therefore one should not trade it.
Technical picture of other major cryptocurrency is not much different from bitcoin's one. Levels of volatility of other cryptocurrencies differ and do not affect the current situation in the market in general. There are no new money in the market to change the situation.