Bitcoin Price Forecast February 27, 2018, Technical Analysis

BTC/USD

Bitcoin rallied against the US dollar, reaching towards the $10,400 level. By breaking through the $10,000 level again, it is showing that the market is trying to determine the longer-term move, as the $10,000 level is so important. I think that given enough time, the market should continue to go much higher, if we can break above the 8 $11,000 level. If not, we will continue to bounce around this area, but a significant break below the $9400 level, the market should then go to the $8000 level. I think that short-term back and forth trading will continue to dominate this market in the meantime, as there are a lot of questions.

BTC/USD Video 27.02.18

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BTC/JPY

Bitcoin also rallied against the Japanese yen, which of course is important as Japan is such a large portion of crypto currency trading. However, we are currently between 2 massive levels, in the form of the ¥1 million level as supportive on the bottom, and the ¥1.2 million level as resistance above. Until we break out of this range, I think that the market will probably continue to be very noisy, but tradable if you are short-term trader. If and when we finally break out of this range, you can simply follow the market for the longer-term move. It does look like we’re trying to form some type of base in the area of ¥1 million, so break down below there would be rather significant.

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