Bitcoin Technical Analysis: March 28, 2018

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Bitcoin increased in value on Wednesday, increasing the price of digital currency to more than $7900. The technical bias remains bearish because of a lower high in the recent upside move.

Bitcoin Technical Analysis

As of this writing, the digital currency is being traded near $7988. A hurdle can be noted around $9153, an immediate trendline resistance ahead of $10000, the psychological level and then $11507, the upper trendline resistance area as demonstrated with red color in the given below daily chart.

On the downside, a support may be seen around $6854, an immediate trendline support ahead of 6800, psychological level and then $5955, the low of February 6, 2018. The technical bias shall remain bearish as long as the $11568 resistance area is intact.

Vitalik Buterin’s Remarks

Ethereum founder Vitaik Buterin warns that cryptocurrencies still fall into hyper-volatile asset class and could plunge to near zero price anytime. He suggests investors to make only limited investment in cryptocurrencies which they can afford to lose.

Trade Idea

Considering the overall technical and fundamental outlook, selling the digital currency near current levels can be a good strategy in short to medium term.

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