Bitcoin Forecast And Analysis For 12th March: No Breakout, Price Falling Again

After moving higher at the end of last week it looked as though we’d see the price break out of the consolidation and hit 4000 this weekend. However, that hasn’t happened, and the price is now falling back to 3770.

At the time of this writing, the bitcoin course was equal to $3835 and the market capitalization was $68 billion.

A sharp drop on Friday looked as though it would cause a major reversal, but the price hit the yellow area I marked and then reversed back towards 4000. The fact the price has declined again suggests we could see more down movement in the coming days. I don’t think we’ll see a drop all the way back to 3700 where the green buy area has formed, but another decline into the yellow area is definitely likely.

For now, keep an eye out for signs of a reversal if the price re-enters the yellow area.