Bitcoin Price Prediction for 3/18/2016

Mar 18, 2016 --- (ARCHIVED) Free Reports

Market Commentary:  

Currently the bitcoin market seems to be following the rough roadmap that we outlined in yesterday's Daily Update.  Price did indeed break the 420 $ resistance level once again before failing to press up to the key 425 $ resistance level, which showed that the bulls were in fact exhausted after a lot of effort resulted in little to no movement upward.  This was clear on the nearer term charts as momentum indicators were heavily overbought in a sideways trade, which made this selloff that we are seeing all the more likely.  

Now price is sitting right back around the previously identified pivot point of 415 $, this time on the lower end of it, although the lack of a precipitous drop following a break of some fairly important very near term support levels is somewhat encouraging.  That said, the market remains in the grips of uncertainty and indecision as we continue closer to the daily triangle apex.  Tread carefully out there until we see a breakout.