Bitcoin Price Forecast March 5, 2018, Technical Analysis

BTC/USD

Bitcoin markets fell during most of the session on Friday, but as the Europeans went home, the American started to buy it. The $11,000 level seems to be a bit of a fulcrum for price, but looking at the longer-term charts, it’s not until we break above the $12,000 level that I feel the market can continue to go much higher. Ultimately, this is a market that I think has try to put in a bottom, so I still think it’s easier to buy this market than selling, but right now I think we’re going to remain a little bit flat, meaning that short-term scalping is probably as good as it gets.

BTC/USD Video 05.03.18

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BTC/JPY

Bitcoin also fell against the Japanese yen initially during the day, but unlike the US based pair, the market remained a bit negative as the Americans came on board. I believe that the market is currently consolidating between the ¥1 million level on the bottom, and the ¥1.3 million level on the top. Ultimately, this is a market that I think will continue to be very noisy, but as we are essentially in the middle of this range, I think we are looking at a lot of back and forth trading. We will eventually get some type of impulsivity, and once we do it will be easier to follow. A break above the ¥1.3 million level has this market going back into a “buy-and-hold” scenario as it had been previously.

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