Bitcoin Analysis December 8, 2017

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

BTC/USD

Bitcoin touched $15,000 during the trading session on Thursday and some exchanges, and when I look at this chart the first thing I think is how overbought it is. Another thing that concerns me is that the highest volume bars recently have all been negative. Because of this, I believe that we are approaching an area that will probably cause a significant pullback. If you already own Bitcoin, that’s one thing, but getting in now would be completely reckless. Wait for a pullback, probably several thousand dollars, before you can initiate a new position. Stop losses should be moved towards the $14,000 handle for those who are traders, and not investors.

BTC/JPY

Bitcoin of course has done essentially the same thing against the Japanese yen, touching ¥1.8 million during the trading session on Thursday. Currently, we are overbought by almost any metric you measure, so wait for a significant pullback, perhaps to the ¥1.65 million level before increasing your position, or starting a new one. In the meantime, if you are out of the market, that’s where you should stay.

Thanks for watching, I’ll be back tomorrow.