Analysis Bitcoin

Bitcoin Price Watch; Here’s Where We’re Looking This Morning

Samuel Rae | January 11, 2018 | 11:06 am
Trend
Analysis

Bitcoin Price Watch; Here’s Where We’re Looking This Morning

Samuel Rae | January 11, 2018 | 11:06 am

We are closing in on the end of the week and things are particularly bleak right now in the cryptocurrency space as a whole. We noted last night that it looked as though price was finally staging something of a recovery and, with regards to the bitcoin price in particular, we saw the reaching and subsequent breaking of a number of key resistance levels which we felt might be able to hold as support.

As it turned out, we were wrong.

Price did break a couple of key resistance levels but has since fallen back through these levels to collapse towards current levels in and around $13,000 apiece – considerably off end of the year highs from back in 2017.

Where things go from here is anybody’s guess.

We are going to reiterate something of a bullish bias, based on the fact that – at current levels – bitcoin looks cheap as to recent pricing. In turn, this should serve to attract some value seeking capital and, by proxy, push price back to the upside.

This is speculative, of course, and we have to be ready for whatever happens.

So, as we move into the session today, let’s try and get some levels in place that we can use moving forward. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand. The chart is a one-minute candlestick chart and it has our primary range overlaid in green.

As the chart shows, then, the range we are looking at for the session today comes in as defined by support to the downside at 13258 and resistance to the upside at 13378.

We will look for a close above resistance to validate an upside entry towards a target of 13480. Conversely, a close below support will have us in short towards 13160.

Charts courtesy of Trading View

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  • rolandmillward

    Bitcoin and Cryptocurrency is rather like a story about the Emperor’s new clothes. One day people will recognize that it is worthless.

    • Cascadia Coin

      Worthless? Based on what? Your opinion?

      • rolandmillward

        Fact

    • Konstantin Melnikov

      But before that day definitely there is opportunity to make money.

      • rolandmillward

        And some are losing money today!

    • LucaLCG

      Your biased and uneducated opinion is worthless.

      • rolandmillward

        Lost any money?

      • rolandmillward

        Thanks, I appreciate your highly detailed response.

    • Luna Revelli

      Hahahahahaha. You’re posting in the wrong forum. Try Fantasia / Disney. And send us a pic of yourself, naked, whilst you’re at it.

      • rolandmillward

        You should be so lucky!

    • MLS Rumors

      You said: “Bitcoin and Cryptocurrency is rather like a story about the Emperor’s new clothes. One day people will recognize that it is worthless.”

      Cool story bro. Only change “Bitcoin and Cryptocurrency” to “the US Dollar” and you’re definitely onto something….

      • rolandmillward

        The dollar is a fiat currency and so you have a point. But Bitcoin is merely turning that fiat currency into a piece of data.

    • Fullmoonrising

      Yo Rolly,
      I find it weird that you a reading and replying to an article that relates to Bitcoin. Are you uncertain about the possibility of btc rising above and you have to justify your thoughts by reacting negatively about the potential of a decentralized currency. CNBC sounds like a place for birds like yourself to flock together. This is normal for Bitcoin and trust me theres enough support for this peer to peer currency to grow.

      • rolandmillward

        When Bitcoin crashes no doubt you will blame those who have spoken out negatively about it.

        • Fullmoonrising

          Hahahaha! Your bubble just popped! Not for me. It’ll have to drop a long way before I lose. Ive been listening to birds like you for a long time and it hasn’t gone away yet. Good try though.

          • rolandmillward

            It will. Stand by! Enjoy the ride.

          • Fullmoonrising

            Oh, I will. Ill buy around 5k

          • rolandmillward

            Excellent. Let’s check in 28 days how it’s doing.

  • It won’t be the case because the btc already in future exchange.

  • Jon Blowhard

    Bitcoin will not speak or provide any news of improvement, hence it is being valued at what it is worth as a non progressing tech with no development improvements or team.

  • Alan Bauer

    The real GURU is Jamie Diamon ; follow him and you’ll go directly to the hell!

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