Bitcoin Price Prediction for 3/8/2016
Mar 8, 2016 --- (ARCHIVED) Free Reports
Market Commentary (BTC):
The market continued to creep higher over the past 24 hours into resistance at the 415 $ level prior to rolling over back to support around 408 $ (the 200-period SMA from the 4-hour chart we showed yesterday). Now we are sitting just above 410 $ as the market decides whether to head lower to test support below 400 $ or continues higher up into the 420 - 425 $ range.
Given a lack of fundamental catalysts in the near term in addition to weak near term technicals, as well as continued focus on the altcoin space, we can't help but think that another pullback into medium term support is the more likely outcome in the coming days.