Bitcoin Price Forecast March 29, 2018, Technical Analysis

BTC/USD

Bitcoin bounced against the US dollar during early trading on Wednesday, breaking above the $8000 level. While necessary to save any potential moved to the upside and has not turn things around quite yet. When looking at the hourly chart, I suggest that we need to see a move above $8300 to continue the move higher. If we get that, the market could go as high as $8600, followed by $9000. However, I believe that rallies at this point continue to be selling opportunities, so I am not getting overly excited about this bounce. It looks as if the $7700 level is offering support, and a breakdown below there would be a very negative sign.

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BTC/JPY

Bitcoin also rallied against the Japanese yen during the day, pressing against the ¥860,000 level. By doing so, it looks as if it is trying to break out to the upside on the short-term charts, which of course is congruent with what we are seeing against the US dollar. The market looks to be supported at the ¥820,000 level on the short-term charts, and a breakdown below there will almost certainly open the door to ¥800,000. I still believe that longer-term pressure faces the downside, as the market could struggle a bit above at places such as the ¥1 million level, and the ¥1.1 million level. It’s not until we break above those levels that I would feel comfortable hanging onto a long position for any significant amount of time.

BTC/USD Video 29.03.18

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