Bitcoin Price Forecast March 23, 2018, Technical Analysis

BTC/USD

Bitcoin markets dropped a bit during the trading session on Friday again, losing over 3%. This is not a surprise, because we had formed such a perfect shooting star and Wednesday, and then of course broke down through the bottom of it on Thursday. It looks now that we are going to reach towards the $8000 level, and then possibly the $7500 level. I think this market continues to find sellers on rallies, as most traders are not willing to jump into the Bitcoin market after the massive selloff. Beyond that, there’s a bit of a “risk off” attitude of markets around the world, and of course Bitcoin won’t escape that.

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BTC/USD Video 26.03.18

BTC/JPY

Bitcoin markets fell against the Japanese yen during the session on Friday as well, breaking below the ¥900,000 level. I think it’s only a matter of time before re-sound ¥800,000, the next target. I think that the ¥1 million level continues to offer a significant amount of resistance, that extends to the ¥1.1 million level. It’s not until we break above the ¥1.1 million level that I would be convinced of the upward momentum, although I would be willing to buy a supportive candle below, but only under the most perfect of circumstances. I believe that sellers will continue to jump into this market, and that the attitude of Bitcoin traders in Japan seems to be waning even further. I believe that the volatility continues to be a major issue regardless, so a small position sizes probably necessary.

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