Bitcoin Analysis January 1, 2017

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BTC/USD

Bitcoin did very little during the trading session on Friday, as traders are focusing on the new year celebration more than anything else. Having said that, there is plenty of support just below at the $13,000 level, and because of this I think it’s only a matter of time before the buyers get involved on a pullback. I also recognize that the 16,000 level above is massively resistive. In the short term, I think we continue to go back and forth.

BTC/JPY

Bitcoin went slightly lower during the trading session on Friday, as we drift sideways in general. Currently, I see the ¥1.5 million level as massive support, just as I see the ¥2 million level as massive resistance. I believe longer-term we go higher, but also recognize that short-term pullbacks are possible.

Thank you for watching, see you next time