Bitcoin Analysis January 4, 2018

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Last Updated: June 11, 2024 7:47 am

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BTC/USD

Bitcoin rallied a bit during the trading session on Wednesday, but remains within a serious consolidation area. The $16,000 level above is resistance and the top of the range, so I think that if we were to break above there, the market would probably go looking towards the $18,000 handle. Otherwise, expect a short-term pullback from that area. Massive support can still be found at the $13,000 region.

BTC/JPY

Bitcoin initially dipped a bit during the trading session on Wednesday but recovered slightly. The market looks to be hovering around the ¥1.73 million level, with a support level underneath at the ¥1.5 million level, and resistance at ¥1.9 million. Much like the BTC/USD pair, I think this market may pull back slightly, but it should be a buying opportunity.

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