Bitcoin : Price Analysis, March 14

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Google has followed Facebook in banning cryptocurrency-related advertising. While this is definitely not good news for ICO campaigns that rely heavily on marketing, this is unlikely to hurt the prospects of the coins backed by strong technical fundamentals.




It won’t influence the already existing coins, because those сryptocurrencies don’t need a marketing team. Bitcoin’s popularity, for instance, continues to grow even as the established players attempt to stifle its rise.

According to Dennis O’Callahan, CBOE’s director for product development, 7,000 contracts of Bitcoin futures change hands on the Chicago Board Options Exchange (CBOE) every day, which has prompted the CBOE to consider the possibility of offering additional cryptocurrencies for trading.

BTC/USD

Bitcoin failed to break out of the descending channel and the moving averages, hence, our suggested buy levels were not triggered.




BTC/USD




The failure of the bulls to first break out of $12,172 and then hold the $9,500 levels is a negative sign. This shows that the bulls are losing strength.

If the BTC/USD pair breaks down of $8,800, it can fall to $7,850 and below this, to the February 06 lows of $6,075.04.

Currently, the bears have the upper hand. The trend will change only after the bulls break out of the moving averages and the channel.

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