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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Technical Analysis for 03/15/2018 – Longer-Term Downside Targets

newsbtc
newsbtc
1 year ago
2 mins read

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Bitcoin Price Key Highlights

  • Bitcoin price continues to exhibit downside momentum as it tests the 38.2% Fibonacci extension level on the daily time frame.
  • Recall that price broke below a double top pattern to indicate that bearish pressure is picking up.
  • The Fib extension tool shows the next potential downside targets if this behavior keeps up.

Bitcoin price appears to be aiming for the next support levels on the daily time frame as shown by the Fibonacci extension tool.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA on this time frame to indicate that the path of least resistance is to the upside. This suggests that bullish momentum is still present and that the longer-term uptrend could still resume.

However, the 100 SMA has been holding as dynamic resistance recently and bitcoin price has broken below the 200 SMA dynamic inflection point to signal that it could also hold as a ceiling from here.

Stochastic is indicating oversold conditions, though, so sellers must be exhausted from the latest drop. RSI has some room to fall, so bitcoin price might follow suit.

At the moment, bitcoin price is finding support at the 38.2% extension near the $8000 marl. Stronger selling pressure could take it down to the 50% extension near the swing low at $6450 then further on to the 76.4% extension at $3610.4. The full extension is located at $1063.4.

Reports that Google will ban cryptocurrency ads weighed heavily on bitcoin price, as well as other altcoins, starting in June. Recall that Facebook previously took similar action, banning ads on binary options, initial coin offerings and cryptocurrencies back in January.

To top it off, the CFTC issued a subpoena to major cryptocurrency exchange Bitfinex while the SEC announced an emergency asset freeze on an initial coin offering. Rumors are also swirling about potential bans in China, something that has already led to a sharp selloff in bitcoin in the past.

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Comments 3

  1. loeamp says:
    7 years ago

    Wont this be the 6th time China has banned it?

    Reply
    • Sassy says:
      7 years ago

      lol

      Reply
  2. Hocky Krack says:
    7 years ago

    So the regulators of the world are clearly tightening their grip on crypto tokens and ecosystem, which is good. And USD4000, 3000, even 2000 levels look very realistic again. Crazy! Just a week ago it was quite another market.

    Reply

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Comments 3

  1. loeamp says:
    7 years ago

    Wont this be the 6th time China has banned it?

    Reply
    • Sassy says:
      7 years ago

      lol

      Reply
  2. Hocky Krack says:
    7 years ago

    So the regulators of the world are clearly tightening their grip on crypto tokens and ecosystem, which is good. And USD4000, 3000, even 2000 levels look very realistic again. Crazy! Just a week ago it was quite another market.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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Reason to trust

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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