Bitcoin Analysis January 23, 2018

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BTC/USD

Bitcoin rolled over during the Monday session as traders came back to work, slicing below the $11,000 level. It looks as if we are starting to see more selling, but the $10,000 level course could offer a bit of support. We are starting to see government crackdowns on digital currencies, and that of course is having a negative effect on the market. At this point, it looks as if the downward pressure is going to continue. The $12,000 level above should be resistance.

BTC/JPY

Bitcoin also fell against the Japanese yen, breaking below the ¥1.25 million level. It looks now as if we are going to head towards the lows again, so selling is about the only thing you can do. It’s not until we break above the ¥1.5 million level that we could be comfortable going long.

Thanks for watching, I’ll be back tomorrow.