Bitcoin Price Forecast February 19, 2018, Technical Analysis

BTC/USD

The Bitcoin markets have gone back and forth during the session on Friday, showing a lot of confusion and of course choppiness between these areas that are significant. I believe that the market is going to make a significant decision soon, and if we can find enough momentum, the market should continue to go higher. Otherwise, we could drift back towards the $9000 level, an area that should be supportive, not to mention the $8000 level underneath. I think that we need to see a burst of volume and momentum before placing any new trades.

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BTC/USD Video 19.02.18

BTC/JPY

Bitcoin markets went back and forth against the Japanese yen as well, as we have significantly broken above the ¥1 million level, but I think that we are in a bit of a “zone” between the ¥1 million level, and the ¥1.2 million level. This is an area that should be very noisy, but I think if we can break above this area, it will unleash a flood of buyers into this market, perhaps reaching as high as the 1.6 million young level next. Otherwise, if we rollback below the ¥900,000 level, the market should drop significantly from there. I believe that the market selling off the way it has will certainly stifle a bit of retail buying, and therefore I think that is important for us to see volume before we can put money to work.

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