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Bitcoin forecast for the week of February 26, 2018, Technical Analysis

Christopher Lewis
Updated

BTC/USD

Bitcoin markets initially tried to rally during the week, but then fell rather significantly to form a shooting star. The shooting star is a very negative candle, and I think that if we can break down below the bottom of that shooting star, the market is probably going to drop to the $8000 level. That’s an area that should be supportive, an area that is highlighted by not only the 61.8% Fibonacci retracement level, and of course the hammer that sits there as well should offer a bit of psychological support. I think if we break down below the $8000 level though, we probably go down to the $6000 level. A breakdown below that level would be catastrophic.

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BTC/USD weekly chart, February 26, 2018
BTC/USD weekly chart, February 26, 2018

BTC/JPY

Bitcoin markets also tried to rally against the Japanese yen, but by the time that we closed down, we had formed a shooting star which is a negative sign. The ¥1 million level is between the hammer and the shooting star over the last couple of weeks. I think that we are going to at the very least go sideways, perhaps even break down. If we were to break down below the ¥700,000 level, the market will break down towards the 500,000 level, and then possibly the ¥400,000 level. Alternately, if we were to break above the shooting star for the week, then I think that the market can continue to go towards the ¥1.5 million level, perhaps even higher than that. This is 40% of the trading volume in the Bitcoin market, so pay attention to this market.

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BTC/JPY weekly chart, February 26, 2018
BTC/JPY weekly chart, February 26, 2018

This article was originally posted on FX Empire

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