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 Crypto Currency Daily Technical Analysis By Xtream

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TSxtreamforex
post Mar 22 2018, 01:57 PM, updated 6y ago

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BITCOIN PRICE FORECAST MARCH 22, 2018, TECHNICAL ANALYSIS



Bitcoin markets rallied a bit during the trading session on Wednesday, reaching towards the $9000 level against the US dollar, as we are now testing significant resistance just above.

BTC/USD

Bitcoin rallied a bit during the trading session on Wednesday, reaching towards the $9200 level. We have broken above the $9000 level, so that’s a bullish sign but I think it’s only a matter of time before we get a bit of a push back. I see a lot of noise between here and $10,000 above, so if you cannot handle volatility, this will be the place to be. If we pull back from here, I think that the $8500 level could offer support. A breakdown below the $8400 level resumes the downtrend. Alternately, we could go higher, but I think $10,000 above is a major level to deal with. Any signs of exhaustion should be selling opportunities just waiting to happen between here and there, but if we were to break above the $10,000 level, it’s a very bullish sign. I think there is a lot of noise between here and there, so I would be very cautious about going long.

BTC/JPY
Bitcoin markets also rallied against the Japanese yen, as we are getting close to the ¥1 million level. If we can break above there, we need to deal with resistance going to the ¥1.1 million level, so it’s not until we break above there that I’m comfortable buying. I think we are far too close to resistance to jump in right now, as it could be a good way to be on the wrong side of the trade. If we break down below the ¥100,000 level, that would be very negative. I think that we are essentially at a major decision point, so putting money into this market is probably difficult.

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TSxtreamforex
post Mar 26 2018, 06:37 PM

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BITCOIN AND ETHEREUM PRICE FORECAST

The BTC prices have been consolidating and ranging as we head towards the end of the month. We had mentioned in a couple of forecasts over the last few weeks that the crypto prices had a similar fall in the same period of last year and the great bullish run in the BTC prices began only after this period and it remains to be seen whether it is going to be the same this year as well. The prices have been trading near their support region of the $8500 region over the last couple of days and this shows that there is some accumulation going on. For the bulls, they would hope that this would mean bullish accumulation which would in turn mean that the next bullish leg is around the corner.

Prices In Range
There has not been much fundamental developments over the weekend for the traders to be worried about or be happy as well and that is also one of the reasons for the consolidation that we are seeing in the prices as of this writing. We expect this sort of consolidation to continue in general, with a bearish tinge, over the next few days as the traders await the tax season to get over and the BTC futures to expire for this month before they launch the prices and begin to buy or sell the BTC according to the trend. Once again, we continue to believe in the bullish trend and we might see the beginning of the next leg pretty soon.

The ETH prices have also been generally consolidating but the weakening in the ETH prices has been more profound than in the BTC prices and this is something that we have been seeing over the last few weeks. The ETH prices trade just above the $500 region and we may not be surprised if the prices make a visit to the $480 support region once again in the short term.

Forecast
Looking ahead to the rest of the day, we might see some calm trading for most of the day today as the lack of news and fundamentals is likely to weigh on the crypto markets for now. This is likely to give way to some volatility in the days to come.

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TSxtreamforex
post Mar 30 2018, 12:54 PM

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icemanfx
post Apr 2 2018, 02:27 AM

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Time to load up for next rebound.

icemanfx
post Apr 10 2018, 06:35 PM

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Analysts at Barclays Plc saw enough similarities to develop a pricing model for the cryptocurrency that takes its cues from the world of epidemiology. Their diagnosis: Bitcoin has probably peaked.

https://www.bloomberg.com/news/articles/201...s-prices-peaked


 

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