Bitcoin Price Prediction 2016 March 8 Neutral
Bitcoin Price Prediction 2016 March 8 Neutral. Taking a look at the 4 hour price chart for Bitcoin we can see that the uptrend that formed yesterday was broken when $410 was taken out. After a high of $415 a downtrend formed I don’t expect it to be a major downtrend as it appears Bitcoin is consolidating in the $415 to $400 range looking for some news to make a move higher or lower. I think Ethereum and Bitcoin are now linked with money flowing in both directions. It’s good to see that all the news about delayed transactions had little effect on the price only a $40 drop. Taking a look at the 4 hour chart below we can see the uptrend being broken and a downtrend forming.
Taking a look at the 15 minute chart of Bitcoin we can see that the market is deciding which way to go with a bunch of long tail candlesticks. Below is my youtube analysis of the neutral position.
In November we had a huge move down from $460 to $400 then some consolidation in the $435 to $410 area for about 10 days which is normal for a big move. This was followed by an uptrend to $460. Then the next 3 moves down were followed by big uptrends a bullish sign. I expect this to happen again testing $440.
I don’t own any Bitcoin this is just an analysis of the current market and how to trade it.