BTC/USD and BTC/JPY Forecast

Wednesday, 14 March 2018 9:59


Bitcoin markets went back and forth during the trading session on Monday, as the Bitcoin/US dollar market hovers around the $9100 level. The area is where we see a lot of noise, as we have gone flat. The markets seem to have lost a lot of momentum, and therefore I think that it suggests that the $10,000 level is going to be a bit too resistive to go above. We would need to see a significant amount of volume into the market so that we can go higher, and at that point we would probably try to reach towards the $12,000 handle above. Alternately, it looks as if the $8500 level should offer support, so if we were to break down below there I think that the market could break down towards the $7000 level. There is a lot of noise in this market, so I think at this point it’s likely that we will see a lot of choppiness in a sideways manner.



Bitcoin markets tried to rally against the Japanese yen during the trading session on Tuesday, but the ¥1 million level looks likely to be a bit resistive as we roll back over. I think if we break down a little bit from here, the market probably breaks down significantly to the ¥800,000 level. This is a bit of a bearish flag, a very negative sign in general. If we can break above the ¥1.1 million level, then I think that the market should then go to the ¥1.3 million level after that. I think overall the crypto currency markets look very susceptible to downward pressure, and I think that it will be the theme overall. If we can break down below the ¥750,000 level, the market will break down significantly.


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.

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