Bitcoin Price Forecast March 14, 2018, Technical Analysis

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Updated: Mar 14, 2018, 05:38 UTC

Bitcoin markets were very quiet during trading on Tuesday, as we continue to see the market strata find their way forward. We are in the middle of consolidation, and at this point it’s likely that we are going to continue to struggle to find our footing.

BTC/USD

Bitcoin has gone back and forth during the trading session on Tuesday, as we hover around the $9200 level. The market continues to be very difficult to navigate, because we have so much in the way of resistance at the $10,000 level. One of the main drivers of retail trading in the Bitcoin market has been the massive amounts of volatility that we had recently enjoyed. However, that is starting to dry up, as institutional money has come in. This is now going to start acting more like a currency and less like a speculative mania, meaning that the moves will more than likely be smaller than previous ones. However, the only time we seem to see massive moves is to the downside, suggesting that we are starting to see capitulation.

BTC/USD Video 14.03.18

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BTC/JPY

Bitcoin has done very little against the Japanese yen as well. I think that the ¥1 million level is starting to become more or less “fair value” in this market, meaning that it is the mean. I believe that a break above the ¥1.1 million level sends this market towards the ¥1.2 million level, and then eventually the ¥1.3 million level. However, I think that the ¥900,000 level underneath is massive support. Until we get some type of surgeon volume, I don’t see this pair going anywhere, which is unfortunate as this pair drives the rest of the crypto currency markets. The Japanese consist 40% of trading in the Bitcoin market, and that of course drives where crypto currencies in general go.

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About the Author

Christopher Lewisauthor

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.