Technical analysis of Bitcoin price Thursday, March 8, 2018 (Bears fight)

The price of Bitcoin still can not get out of the bearish zone, the price continues unstable moving between $ 9700 and $ 10000.

Highlights of the analysis

  • The price of Bitcoin has come closer to the neckline test of its double-roof pattern highlighted above.
  • A break below this support zone could push the price in about $ 2,000 lower or the same height as the chart formation.
  • The technical indicators also suggest a potential increase in bearish momentum.
  • The price of Bitcoin could be due to a break down from the neck of its short-term reversal pattern to indicate a return under bearish pressure.

Important technical indicators

The 100 SMA is beginning to cross below the SMA 200 in the longer term to indicate that the path of least resistance is down. In other words, the support is more likely to break that is maintained.

The stochastic also seems to point down to indicate that some downward pressure remains in play. RSI, on the other hand, is already indicating oversold conditions so that buyers can take control soon.

In that case, the Bitcoin price could still bounce off the $ 9,500 support to check the highs around $ 11,700. A stronger bullish momentum could even lead to a break beyond that area and a continuation of the longer term escalation.

Market factors

The US dollar UU It made a strong recovery against its rivals by alleviating concerns about the trade war when Trump showed willingness to exempt Canada and Mexico from higher tariffs for steel and aluminum.

The actions organized a late rally, but most still ended in red. Bitcoin, however, was more vulnerable to the strength of the dollar as risk taking is turning out negative for the cryptocurrency once again. Apparently, the price of Bitcoin could draw strength from a return in geopolitical tensions and risk aversion.

In addition, the SEC said in a statement that online platforms that operate with digital assets that are considered securities must be registered with the agency.

“SEC staff are concerned that many online trading platforms appear to investors as regulated markets and registered by the SEC when they are not. Many platforms refer to themselves as “exchanges”, which may give the wrong impression to investors that they are regulated or comply with the regulatory standards of a national stock exchange. ”