BTC/USD and BTC/JPY Forecast - 13 March 2018

BTC/USD

Bitcoin initially tried to rally during the trading session on Monday but found the $10,000 level to be far too resistive to continue going higher. Because of this, it looks as if the market is ready to roll over as we are forming a bit of a shooting star. I believe that given enough time, the market probably goes down to the $8500 level again, an area that has been supportive recently. Otherwise, if we break above the $10,000 level, it is possible that we will continue to go higher, perhaps reaching towards the $12,000 level again. Expect volatility, but the fact that we have rolled over leads even more negative validity to the market before the sellers return. Ultimately, I would not be surprised at all to see this market break down below $8500 and go even lower, perhaps down to the $7000 handle.

BTCUSD

BTC/JPY

Bitcoin initially tried to rally against the Japanese yen during the trading session on Monday but turned around to show signs of exhaustion. The ¥1 million level is of course an area that will attract a lot of attention, but I think that if we can break above the ¥1.1 million level, the market should continue to go much higher. If we break down below the ¥900,000 level, then I think the market continues to go lower, perhaps reaching down to the ¥700,000 level. Either way, the market should continue to be very noisy, and very difficult to deal with. I don’t see how Bitcoin goes higher over the longer term, at least not in the present circumstances. I think that we are more likely to see some type of selloff than anything else. Small position sizes are recommended.

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.