Bitcoin Forecast - 8 March 2018

By: DailyForex.com

BTC/USD

Bitcoin markets broke down a bit during the trading session again on Thursday, slicing a bit below the $9300 level. If we can break below the bottom of the range for the day on Thursday, extensively the $9000 level, we should continue to go much lower, perhaps reaching towards the $8000 level, perhaps even reaching down to the $7000 level. If we can break above the $10,000 level, that would be a bullish sign, but until then I have no interest in buying this market. I believe that the market is very likely to continue going lower, wiping out the most recent rally. I believe the crypto currencies will continue to struggle, as we continue to see failure. The $12,000 level above needed to be cleared for a change in the downtrend, and we have clearly missed that mark. At this point, the question becomes whether we can break down below $7000.

BTCUSD

BTC/JPY

The Bitcoin market initially tried to rally against the Japanese yen as well but struggled at the ¥1.1 million level during the day to roll over and fall towards the ¥1 million level. At this point, I think that it’s likely that we continue to go lower, perhaps down to the ¥800,000 level. Beyond that, we probably go looking towards ¥700,000. At this point, it looks very likely that crypto currency markets are going to continue to struggle, as the bubble has most certainly popped. Ultimately, I think if we can break above the ¥1.1 million level, that would be a bullish sign, perhaps reaching towards the ¥1.3 million level which is a massive ceiling. However, right now I have serious doubts that this market will pick up the momentum.

BTCJPY

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.