BTC/USD and BTC/JPY Forecast - 6 March 2018
Bitcoin markets did very little during the trading on Monday, as we continue to hover just below the $12,000 level. It’s not until we break above that area that I think that the market will probably be able to go higher. We would also need to see strong volume, something that has been missing. I think that if we can break above $12,000 with twice the volume that we had on Monday or even Friday. I believe that once we clear that area, the market will probably go looking towards the $13,500 level. On the other side of the equation, if we pull back and break below the $11,000 level, I think that the market then probably goes down to the $10,000 level.
Bitcoin was a bit more bullish against the Japanese yen, but still has a lot of noise to chew through between here and the ¥1.3 million level. Because of this, I think you’re probably better served to wait until we get a breakout above that level, and perhaps even a daily close above that level. If we can break that area, I think that we could probably reach towards the ¥1.5 million above. If we pull back below the ¥1.2 million level, I suspect we will probably see the market reach down towards the ¥1 million level which of course is massively supportive. I am a bit bullish of this market, but let the market tell you when it’s time to start buying, instead of trying to anticipate the move, because you could be sitting around for a while. A breakdown below the ¥1 million level would be very negative. Ultimately, this is a market that continues to try to form a base, but still has quite a bit of work to do.
- Currency Pairs