Bitcoin Forecast And Analysis For 7th March: Big Wicks Suggest Short Term Decline

Bitcoin Price Analysis and Short-Term Market Forecast

The large rise we saw yesterday has not continued today. The price has made a couple of attempts to rise higher but each one has been met with selling and has resulted in two candlesticks with large wicks forming.

At the time of this writing, the bitcoin course was equal to $3849 and the market capitalization was $67 billion.

The size of the wicks on these candles (the wick is the little black line that sticks out above and below the candle) indicates we could see a small decline take place, which I did actually mention in yesterday's post. So far no decline has occurred, however, the price has been falling for the past couple of hours which could be the beginning of the decline.

For now, continue to watch the yellow area I marked in yesterday's post. If the price does continue to decline from where it is now this area is the first most likely place it will reverse, so keep an eye on it.