Bitcoin Price Forecast March 9, 2018, Technical Analysis
Bitcoin traders tried to break above the $10,000 level initially on Thursday but rolled over again to drift lower. At this point, it looks like we are going to tread water around the $10,000 handle, and I believe consolidate in the short term. If we were to break above the shooting star on the 4-hour chart, extensively the $10,100 level, then I think Bitcoin traders will start to buy again. However, it will take a bit of confidence building as there was a massive flush in this market during the previous session. If we break down below the $9300 level, then the market unwinds down to $8500 rather quickly.
BTC/USD Video 09.03.18
The Bitcoin markets also fell against the Japanese yen after initially trying to reach towards the 1.1 million level. That is a short-term barrier for buyers, so if we can break above that level it’s likely that the market then goes towards the 1.15 million level. Above there, the market should continue to reach towards the ¥1.3 million level above which is the top of the overall consolidation. If we can break down below the ¥1 million level, then the market probably drops down towards the ¥880,000 level after that. I believe that we are at a significant level in the Bitcoin markets, so allowing the market to break out or breakdown before putting money to work is crucial for the average Bitcoin trader. Overall, I believe that we are going to see the market tried to catch his breath after that nasty selloff.