BTC/USD and BTC/JPY Forecast

Monday, 5 March 2018 9:20


Bitcoin markets when higher on Friday, reaching towards the $11,050 level. The market has rallied a little over 1.2%, and I believe that the market still has a lot of noise to chew through between here and $12,000 at the least, so it’s not until we break above there that I am comfortable buying. I do believe that a break above there should send the market looking towards the $14,000 level though, and ultimately, I think that the market would go even higher from a longer-term perspective. The meantime, I think we are susceptible to short-term pullbacks, as we consolidate between $9400 and $12,000 overall. I believe that the market will eventually make a move to the upside, but right now with the lack of volume it would not surprise me at all to see the market continue to base a bit.



Bitcoin also rallied against the Japanese yen during the day on Friday, as we continue to hang about. The ¥1 million level underneath is the support base, while the ¥1.3 million level above is resistance. If we can break above the ¥1.3 million level, the market could continue to go much higher, perhaps reaching towards the ¥1.5 million level and beyond. However, I think in the short term we will probably continue to see a lot of noise, so don’t be surprised at all that the market simply grinds away over the next several sessions. I think if we break below the ¥1 million level, that would be very negative, just as the move above the ¥1.3 million would be very positive. I believe we are trying to make a decision for the longer-term move, but currently I think it favors the upside, the question is now when can we do it?


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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