Bitcoin Price Forecast March 12, 2018, Technical Analysis

Christopher Lewis

Updated Fri, Mar 9, 2018, 10:22 PM

BTC/USD

The Bitcoin market initially fell during the trading session on Friday, reaching down to the $8400 level before bouncing a bit, and then rolling over at the $9200 level to show bearish pressure yet again. As I record this we are midday in America, and already down 6.25%, including the bounce. I believe that the market is going to continue to sell off, perhaps reaching towards the $8000 level next. A breakdown below that level will send this market down to the $6000 level and possibly even lower than that. Bitcoin markets continue to look very unstable, and therefore I think that selling rallies will be the only trade available.

BTC/USD Video 12.03.18

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BTC/JPY

Bitcoin markets initially fell during the trading session on Friday against the Japanese yen, but then bounced significantly to reach towards the ¥1 million level. That level offered resistance as it was previous support, and we have fallen significantly from there again. I believe that this chart continues to lead the rest of the crypto currency markets lower, as the country of Japan is 40% of Bitcoin trading. Bitcoin of course is a major dryer of all crypto currencies, so this is one of the most important crypto currency charts that you can follow. If we break down from here, then I think we go to the ¥800,000 level, perhaps even the ¥600,000 level. If we were to break above the ¥1.1 million level, then I would be a buyer, but I don’t think that’s going to happen.

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