Bitcoin Price Forecast March 19, 2018, Technical Analysis

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Updated: Mar 17, 2018, 07:06 UTC

The Bitcoin market has gone back and forth during the trading session on Friday, as we continue to see a lot of noise in the crypto currency market. I think that the market will continue to be very difficult to trade, but we have several competing directions at the same time, and that of course keeps a lot of money out of the market.

BTC/USD

The Bitcoin market did rally a bit during the trading session initially on Friday but turned around to test support again at the $8000 level. After that, we rallied again, reaching towards $8600, and as I record this it looks like we are struggling to continue the upward momentum. One can make an argument for an ascending triangle, and if that is the case, we will probably go looking towards the $9000 level. At that point, I think we will see a lot of selling pressure, as the market is most certainly negative overall. Longer-term charts look as if they are trying to form a bit of a base, but we need to see confidence built, and that’s not something that will happen overnight.

BTC/USD Video 19.03.18

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BTC/JPY

Bitcoin markets were very noisy during the trading session on Friday, as we continue to see a lot of back-and-forth trading. It looks as if we are trying to break above the top of an ascending triangle, so we could make a move towards the ¥950,000 level, perhaps even the ¥1 million level. There is enough resistance there that the sellers will probably jump in, and it’s likely that we will continue to see a lot of noise going forward. I think that if we can break above the ¥1.1 million level, then it’s likely that we could go higher. However, that looks very unlikely to happen.

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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.