Bitcoin Analysis January 9, 2018

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BTC/USD

Bitcoin fell a bit during the trading session on Monday, as traders came back to work. It looks as if we’re going to go looking towards the $15,000 level, but the stochastic oscillator on the 4-hour chart is starting to get a little oversold. We could drift as low as $13,000 though, so be careful and wait for a bounce accompanied by the stochastic oscillator rising.

BTC/JPY

Bitcoin also drifted a little bit lower against the Japanese yen, but seems to be supported at several different places. Because of this, I am waiting for some type of bounce to get involved. Alternately, if we can break above the ¥2 million level, the market should be free to go to the ¥2.225 million area.

Thanks for watching, I’ll be back tomorrow.