Bitcoin Price Forecast March 2, 2018, Technical Analysis

BTC/USD

The Bitcoin market has rallied significantly during the trading session on Thursday, as the Americans came in and continue to push that the Europeans did. We are up over 3% as I record this, but I recognize that the $11,000 level above is resistance. If we can break above the $11,000 handle, I think the market will then go looking towards the $12,000 level above which I see as massively resistive. Otherwise, I think it’s likely that we will roll over and go looking towards the $10,000 level as we continue to go sideways. The volume is a bit low, so I think churning sideways is more likely to be the case.

BTC/USD Video 02.03.18

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BTC/JPY

Bitcoin markets rallied a bit during the trading session on Thursday, as we continue to hang about above the ¥1.1 million level. I think that there is a lot of noise in this market just waiting to happen, and the ¥1.2 million level above is the beginning of extraordinarily bearish pressure to the ¥1.3 million level. If we roll over from here, and break down below the ¥1.1 million level, the market probably goes looking towards the 1 million level where I see support as well. Ultimately, this is a market that I think continues to go back and forth and is probably going to continue to be difficult to deal with if you have a large amount of money in the market. I think that this market continues to be one that you should be very cautious with, but if the market moves in your way, by all means start adding.

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