Analysis Bitcoin

Bitcoin Price Watch; Here’s Where We Are Looking This Evening

Samuel Rae | January 18, 2018 | 6:57 pm
Trend
Analysis

Bitcoin Price Watch; Here’s Where We Are Looking This Evening

Samuel Rae | January 18, 2018 | 6:57 pm

We are closing in on the end of another session out of Europe on Thursday and once again there’s plenty to discuss in the bitcoin price. Things have been pretty volatile this week so far (well, pretty volatile is something of an understatement) and we’re currently looking at a substantially weakened price as compares to the prices we were looking at towards the end of last year and into the early part of 2018.

With that said, however, most of the major tokens and coins have gained strength during today’s session, with sentiment easing somewhat heading into the US afternoon. The hope is that this shift to positive sentiment will continue and, in turn, will serve up a continued recovery across the major assets in the space – of which bitcoin, of course, is very much the flagship right now.

So that’s what’s happening behind the scenes – what’s on the horizon nearer term?

Well, that’s what we’re here to figure out.

As ever, take a look at the chart below before we get into the nitty-gritty of our intraday analysis. The chart is a one-minute candlestick chart and it’s got our primary range overlaid in green.

As the chart shows, then, the range we are looking at for the session this evening comes in as defined by support to the downside at 11579 and resistance to 11809. That’s a pretty wide range but we’re going to stick with our breakout strategy for today, just to make sure we aren’t taking on too much risk with careless intrarange entries.

So, if we see price close above resistance, we’ll jump in long towards a target of 12000 flat. Conversely, if we get a close below support, we’ll be in short towards a downside target of 11480.

Let’s see how things play out and we’ll revisit on Friday morning.

Charts courtesy of Trading View

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  • michaelkav

    All the people that dumped their coins want them back after it appears the FUD event was a big storm in a teacup. Banning BitCoin to the young is like telling old people you are cutting pensions – electoral suicide.

    Japan are doing a wonderful job of regulation and managing cryptos. Note to London and New York – catch up before it is to late. This could be as big as Forex for you.

    it is inevitable cryptos will be regulated and properly taxed. That is a good thing! It cleans up the crypto space and makes them even more usable. But a global ban, please, will never happen. Regulation is positive not to be seen as FUD.

    It is simple buy into coins that do something. BitCoin (value store), Ripple (rapid value transfer), Enjin (trade virtual game items), SALT (acts like a credit card)…Monero (privacy)…and on and on – the point is the value is in the business model just like stock. But if you go out and buy a coin with zero proven business at hand that is to be avoided. Blockchain is a wonderful technology and if you study the good coins they are using it with effect already. Thank you Nick Szabo & Hal Finney (AKA Satoshi Nakamoto).

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