Saturday, April 21, 2018
Banner Top
Bitcoin Price Forecast March 21, 2018, Technical Analysis
Banner Content
Bitcoin markets have been choppy over the last 24 hours, as we are trying to build up enough momentum to go higher. Although things are looking a bit more positive as I record this, we still have a significant amount of noise just above.


Bitcoin has gone back and forth during the trading session on Tuesday, reaching towards the $8600 level. This is an area that has caused a bit of noise recently, and I think that if we can break above the $8800 level, we could go towards the $9200 level. I suspect that the move higher will be a bit noisy, especially once we break above the $9200 level, as there is a lot of noise between here and $10,000 overall. Ultimately, this is a market that should continue to be very choppy and noisy, but I also recognize that we will need to make some type of longer-term decision relatively soon. I believe that until we break above the $10,000 level, you are likely to see sellers step in on rallies.


It does appear the Bitcoin is trying to form a bit of a bottoming pattern against both the US dollar in the Japanese yen, and it will more than likely confirm that in this pair first. This is because 40% of Bitcoin trading is done in Japan, so therefore it is a very important for this pair to do well for Bitcoin to rally overall. Between here and ¥1 million, there should be a significant amount of resistance, and it’s not until we break above ¥1.1 million that I am convinced of the complete break out to the upside, so I think until we do that it’s likely that rallies will fade and offer selling opportunities.

Banner Content


Leave a Comment