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Bitcoin Price Forecast February 22, 2018, Technical Analysis
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Bitcoin markets rolled over a bit during trading on Wednesday, as we have gotten a bit overextended. However, I’m not interested in shorting this market quite yet, because I think there is support just below.


The Bitcoin markets fell during Wednesday trading session, reaching to lower levels as profit-taking continue to. It looks likely that the market is going to struggle in this general vicinity, as it is the first serious test of resistance. I believe that if we break down below the $10,000 level, the market could drop as low as $8000 rather quickly. At this point, it is a bit early to talk about the market being extraordinarily weak, but I think that the overall attitude of the market is going to be more of a grind sideways than anything else. If we can break above the $12,000 level, then I think the market continues to go higher. Otherwise, I think we may drift a little bit lower to establish enough momentum to finally break out to the upside.

BTC/USD daily chart, February 22, 2018
BTC/USD daily chart, February 22, 2018


Bitcoin also fell against the Japanese yen during the trading session, as the ¥1.2 million level has offered resistance, and it looks like we may have to pull back a little bit to build up the necessary momentum to go higher. That’s typical, especially after a massive selloff, because it’s very unlikely that we would bounce straight up in the air. I think that the market will probably pull back to about ¥1 million where we can find buyers. If we were to break above the ¥1.3 million level, then I think it would show enough momentum to continue to go higher. Volume would help to, which has been average, so at least it’s not poor, but a surge in volume certainly would help the buyers.

BTC/JPY daily chart, February 22, 2018
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