Bitcoin Price Forecast March 20, 2018, Technical Analysis

BTC/USD

The Bitcoin markets rallied against the US dollar during trading on Monday, which is not a surprise considering how much volatility that we had seen in various markets around the world. Sometimes, Bitcoin is used as a safety play. While I don’t agree with that longer-term, short term it seems to hold up rather well. I suspect at this point we will trying to break towards the $8800 level, followed by $9200. Currently, $8300 looks to be support, and $8000 will most certainly act the same way.

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BTC/USD Video 20.03.18

BTC/JPY

Bitcoin rallied against the Japanese yen as well, which is always a good sign as it is 40% of trading volume around the world. As we approach the ¥920,000 level, I suspect that we will break out to the upside and go looking towards ¥1 million again. Obviously, that is a very important psychological level, and breaking above there, although not technically a breakout, would be very healthy for the buyers. I believe that if that’s the case, we will go looking towards the ¥1.1 million level, which for me is the gateway to much higher pricing, perhaps as high as ¥1.3 million.

Alternately, if we break down below the ¥850,000 level, the market drops down to the ¥800,000 handle rather quickly, an area that has been very supportive recently. Expect a lot of choppiness, so therefore your position size should be small.

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