Bitcoin Analysis December 18, 2017

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Last Updated: June 11, 2024 7:47 am

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BTC/USD

Bitcoin has rallied significantly during the trading session on Friday, breaking above the top of an ascending triangle. By measuring the move, we get a potential rally to the $23,000 level, but expect short-term pullbacks occasionally. It looks as if the bullish pressure continues, as momentum has picked back up to the upside.

BTC/JPY

Bitcoin has rallied against the Japanese yen as well, although and not as clear of a pattern as against the US dollar. This being the case, looks as if we are going to reach towards the ¥2.2 million level again, which makes sense considering the 40% of Bitcoin trading comes out of Japan, and through the retail sector. Buying on the dips continues to be the best way to play against the yen.

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