Bitcoin Price forecast for the week of March 5, 2018, Technical Analysis

BTC/USD

Bitcoin markets rallied a bit during the week, reaching towards the $11,000 level. There is significant resistance just above, as demonstrated by the shooting star from the previous week, testing the $12,000 level. That’s an area that I think that if we can break above, the buyers will probably jump in and become a bit more aggressive. The one negative thing I see on this chart is the lack of volume for this previous week, so I think that longer-term traders are probably better off waiting for that break out before buying. As far as shorting is concerned, a breakdown below the weekly candle from last week would be a sell signal.

BTC/USD Video 05.03.18

Get Into Bitcoin Trading Today

BTC/JPY

Bitcoin rallied against the Japanese yen as well, using the ¥1 million level as a bit of a springboard. We still have a lot of resistance above and extending to the ¥1.3 million level. If we can break above that level, then the market can go much higher. Otherwise, I think we continue to consolidate and longer-term traders will probably be at best building up their positions for a longer-term move, perhaps adding on the breakout. The hammer that formed from a few weeks ago was definitive for a “bottom” in the market so far, but if it gives way, look out below! So far, I think longer-term “buy-and-hold” traders are probably accumulating right now, but it’s not until we break the top of that shooting star from the previous week that I think momentum picks up.

Buy & Sell Bitcoin Instantly