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Bitcoin Price Forecast February 23, 2018, Technical Analysis

By:
Christopher Lewis
Updated: Feb 23, 2018, 04:56 UTC

The Bitcoin markets broke down significantly during the trading session again, breaking below the $10,000 level, perhaps sending this market much lower. At this point, I anticipate that the market may grind its way towards the $8000 level where I would expect to see a lot of support.

BTC/USD daily chart, February 23, 2018

BTC/USD

Bitcoin markets initially tried to rally during the day on Thursday, but then broke down below the $10,000 level to show signs of weakness yet again. While it is not a massively impulsive sign, it does show the inherent weakness in this market. The area just above $10,000 features a lot of noise, so I think that the area will be difficult to deal with, and I think that a rollover makes quite a bit of sense. I believe that the $8000 level will be the target, and at this point we could find plenty of support down there.

BTC/USD Video 23.02.18

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BTC/USD daily chart, February 23, 2018
BTC/USD daily chart, February 23, 2018

BTC/JPY

Bitcoin broke down significantly against the Japanese yen, which is a very important level. I believe that the Bitcoin markets are going to be watching Japan with a lot of interest, as the ¥1 million level is important. I think that if we can bounce in there, then the market should stabilize. However, if we were to break down below the level, and especially the ¥900,000 level, this market could breakdown rather significantly. I think at that point; the bloodbath would begin. Because of this, I’m watching this market very intently, and I think that the next couple of sessions will determine where we go longer term. If we were to turn around and break above the ¥1.3 million level, then I think the market could go much higher, but at this point it’s going to be very interesting to see if we can accomplish that. We are still in a downtrend from the selloff, and it is worth noting that we failed as soon as we hit the first major resistance barrier.

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BTC/JPY daily chart, February 23, 2018
BTC/JPY daily chart, February 23, 2018

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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