Bitcoin Price Forecast March 13, 2018, Technical Analysis

BTC/USD

Bitcoin trying to break out against the US dollar but struggles as we get towards the $10,000 handle. By doing so, it shows just how much trouble the market is going to be in as far as breaking out is concerned. It’s not until we break out above the $10,100 level that I would be convinced of a move higher, and at this point it looks like we’re probably going to roll over and continue the overall consolidation. The support level below at the $8500 level will be rather stringent, and when I look at the hourly chart it looks as if we are forming some type of large “W pattern”, which of course is a very bullish and strong sign of a base being formed. However, in the meantime it looks as if were dropping.

BTC/USD Video 13.03.18

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BTC/JPY

The BTC/JPY pair initially rally during the trading session on Monday, but failed to hang on to the gains, although we are above the ¥1 million level as I record this. If we were to break down below the ¥980,000 level, the market will probably unwind down towards the ¥900,000 level. Alternately, if we can break above the ¥1.1 million level, the market probably goes higher. I think that we will continue to be very choppy, and you should be paying attention to the pair more than any other pair, as 40% of Bitcoin trading is done in Japan. If this pair goes higher, typically most crypto currencies well. Of course, the opposite is true as well.

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