Bitcoin analysis January 8, 2018

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BTC/USD

Bitcoin went sideways initially during the trading session, but then shot higher as the market reached towards the vital $16,000 level. A clearance of that level for more than a few hours should send this market higher, perhaps reaching towards the $18,000 level. Otherwise, look for pullbacks as potential buying opportunities.

BTC/JPY

Bitcoin is testing the ¥1.91 million level as I record this, which is the beginning of resistance to the ¥2 million level. I believe that pullbacks should be buying opportunities, but given enough time we will probably break above that vital ¥2 million level, allowing the market to reach towards the ¥2.25 million level. In the meantime, pullbacks offer value.

Thanks for watching, I’ll be back tomorrow.