Time: 8.00 A.M. / GM+2 / 4th Mar, 2018 – Sun. In our previous post / 515 / we had forecast the trading range will be between 10.50K and 12K, the intraday high was 11.45K, and bitcoin price was not able to breach 11.75K as expected, due to the low volume, as we did predict yesterday:

"For now we are in the resistance range until 11.75k, so it will take either more volume or time to get through to 11.75K followed by 12K as BTC doesn't appear to have the momentum necessary to ascend this range quickly."

![123.gif](https://steemitimages.com/DQmbD1ReGVLJU4kVwSJFrPuHuuYm7HopNJT4CVKa56VstCR/123.gif) Recapitulation: - We're seeing the impact of institutional buying. The change has been noticeable since Feb 21. We have a lot of buying on the bid in the face of selling. As a result, pullback are very small. We have less pumping up of the asks and sell walls are opportunities to buy. This started in the lower 9.3K- 10K range and has continued. - There are a number of hedge funds set up for bitcoin. With btcoin price on its second leg up and moving out of the downtrend line, Traders got to build their positions. The reason why, bitcoin price breached 11K ( 38.2% Fib extension ) and settled above it, aiming for the 12K ( 50% Fib extension ) major psychological mark. What Next ! - The lower volume is probably a reflection of the amount of coin available and their buying approach that avoids running up the price. The retail momentum buyers blast the asks with market orders. This is the so-called "smart money" accumulating. Volume and momentum buying are likely to follow, but after we reach 12K. - The bullish scenario will remain relevant as long as the pair keeps above 9.3K - 10K range. Most likely the price will hit 11.75K and will move above 12.20K on Monday on Asian time. - Note; A rejection at 11.791K would bring a retest of the 10K - 10.5K, before any new attempt to rise. ![yy.png](https://steemitimages.com/DQmRjikHN2HU3DW1ejnhRDBiNV6bRQTmd49M6npY1kSFkcu/yy.png) What About Today! Bitcoin is currently trading around 11.20K at time of writing and the trend for today is bullish, supported by 4-hours MACD. Support : 10500.00 level (Major). Resistance : 12200.00 level (Major). Expected trading for today: is between 10500.00 support and 12200.00 resistance. Expected trend for today : Bullish. Medium Term: Bullish. Long Term: Bullish. The low of 2018: 5947.00 / IHS Bottom. The high of 2018: 25000.00 level / Expected. Thanks For Reading.. YOU SHOULD NOT TAKE ANY MATERIAL POSTED ON THIS BLOG AS RECOMMENDATIONS. TO BUY OR SELL BITCOIN OR ANY OTHER INVESTMENT VEHICLE LISTED. What You Know About --> Fibonacci Retracement in Trending Market. https://i.imgur.com/YDHaoNd.gif