Bitcoin Analysis January 19, 2018

BTC/USD

Bitcoin has been absolutely pummeled over the last couple of sessions, but during the trading session on Thursday, we are starting to see an attempt to rally. By breaking above the $12,000 level, we have a potential reversal happening, but I would be very cautious about this, as it could be a “bull trap.” One of the things that I am truly concerned about is that although the candlestick looks likely to show a bullish proclivity, the volume simply is not there. In fact, I would wait until we break above $14,000 to be convinced.

 

BTC/JPY

Bitcoin rallied against the Japanese yen as well, showing a bit more volume than against the US dollar. If we can break above the ¥1.5 million level, we may have a chance to go higher. However, and until that happens, I remain unconvinced and think that we see more selling at higher levels. If we break down below the ¥1 million level, the market unwinds rather quickly.

Thanks for watching, I’ll be back tomorrow.

Exit mobile version