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

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Updated: Mar 17, 2018, 07:08 UTC

Bitcoin markets were negative again during the week, as we continue to see the market slump overall. Because of this, the question now becomes whether we can form some type of base.

BTC/USD

The Bitcoin markets fell against the US dollar during the week, breaking below the $8000 level at one point. The question now is whether we can hold this massive support level that seems to be forming between $6000 on the bottom, and the $8000 level on the top. If we can, then eventually the buyers will come back. However, this is a market that has been rocked by a recent selloff. You can see how parabolic we had been, and this type of crash isn’t that uncommon after this type of bubble forms. It is my belief that although we could go higher over the longer term, the days of 20% returns in 24 hours or all but done. In fact, the only big movers we see any more are negative. I think that as the market matures and industrial money flows into it, it will probably start to move more like a typical currency pair. That being said, I think you have plenty of time to wait to see whether the support holds. A breakdown below the $6000 would be extraordinarily negative.

BTC/USD Video 19.03.18

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BTC/JPY

Bitcoin markets fell during the week against the Japanese yen as well, slicing through the ¥1 million level. The market is starting to test a significant support level, which it needs to hold. If it breaks down below the hammer from 5 weeks ago, this market could come undone and reach down towards the ¥200,000 level. In the meantime, there are plenty of opportunities for this market to find buyers just below, but right now I think the market needs to build confidence more than anything else.

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About the Author

Christopher Lewisauthor

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.