Bitcoin Analysis December 12, 2017

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Last Updated: June 11, 2024 7:47 am

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BTC/USD

Bitcoin has been very volatile over the weekend, reaching as low as $13,000. However, after futures trading opened a, it became apparent that buyers were jumping into the Chicago exchange. Because of this, I believe there has been a bit of a “knock on effect” in the underlying asset. At this point, a break above the $17,000 level suggests that we are going much higher. Otherwise, expect pullbacks to eventually find support.

BTC/JPY

Bitcoin fell rather significantly against the Japanese yen over the weekend, but found enough support at the ¥1.5 million level to turn around and rally back towards the ¥2 million level. A break above that ¥2 million level suggests that we are going to continue to go much higher. One thing you can count on, that the volatility is only going to get worse from here.

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