Bitcoin Price Forecast March 8, 2018, Technical Analysis

BTC/USD

Bitcoin markets have fallen a bit during the trading session on Wednesday, reaching towards the $10,400 level. I think that the market could continue to drift lower, perhaps down to the psychologically important $10,000 level. Clearly, we do not have much in the way of upward momentum and have been falling for a couple of days now. I think that the $10,000 level will of course bring a certain amount of support and regardless, so keep that in mind. I think that the market will continue to be very volatile, but at this point I don’t see a reason to jump in with both feet. I suspect that if you are patient enough, you should get an obvious bounce that you can start buying. At this point, it’s clear that we don’t have it yet.

BTC/USD Video 08.03.18

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BTC/JPY

Bitcoin markets also fell against the Japanese yen as you would expect, reaching down towards the ¥1.1 million level before bouncing slightly. If we can break down below that level, the market should then go down to the ¥1 million level underneath, as there is much more support in that psychologically important ¥1 million level. I think that as we break down towards that level, it’s only a matter of time before buyers return. If they don’t, that would be a very negative sign for Bitcoin and send it on winding the overall uptrend. Currently, if we can break above the ¥1.15 million level, we could see a bit of a bounce, but I think at this point it’s obvious that the sellers are in control.

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