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Bitcoin Price forecast for the week of February 19, 2018, Technical Analysis

By:
Christopher Lewis
Updated: Feb 17, 2018, 09:20 UTC

Bitcoin markets rally during the week, breaking above the hammers that had formed in both the currency pairs that I follow here at FX Empire, so it is a good sign, but we do have some work to do.

BTC/USD weekly chart, February 19, 2018

BTC/USD

The Bitcoin market rallied against the US dollar, breaking above the previous hammer on the weekly chart, which in and of itself is a very bullish sign. However, I think there’s a lot of noise in the general vicinity where we find ourselves right now, extending to the $11,000 level. If you are cautious, you can take this as a bullish sign and perhaps start to build a position, but it’s not until we break above the $11,000 level that I think we will have seen a significant amount of momentum to continue going higher. Obviously, I would like to see more volume, as it hasn’t been very thrilling.

BTC/USD Video 19.02.18

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BTC/USD weekly chart, February 19, 2018
BTC/USD weekly chart, February 19, 2018

BTC/JPY

Bitcoin markets rallied against the Japanese yen as well, clearing the ¥1 million level, which of course is important. I think that the market will probably try to make a move towards the ¥1.2 million level, and then a break above there could free the market to go much higher. I think that we may get a little bit of sideways and back and forth type of trading, but the thing about this market is it’s the first one I pay attention to in the crypto currency space, as 40% of Bitcoin trading happens in Japan. Despite what all coin traders will tell you, Bitcoin matters and drives the rest of the crypto currency markets. If it starts to rally in Japan, that’s generally a good sign for the rest of the world. If we can break above the ¥1.2 million level, not only will you have by signals here, but you will probably have them and several other crypto currency markets.

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BTC/JPY weekly chart, February 19, 2018
BTC/JPY weekly chart, February 19, 2018

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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