Bitcoin Analysis January 10, 2018

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BTC/USD

Bitcoin markets have drifted a bit lower during the trading session on Tuesday, as the $14,000 level has been supportive so far. I think that if we break down below the $14,000 level, the market will probably go looking towards the $13,000 level, followed by the $12,000 level. Ultimately, I believe that the buyers will return and push this market to the upside, but it may take some time to get that type of bullish pressure.

BTC/JPY

Bitcoin initially fell during the trading session on Tuesday against the Japanese yen, reaching down towards the ¥1.8 million level. We have bounce from there, breaking above the ¥1.9 million level, before rolling over again. At this point, I suspect that we are going to go a little bit lower, so waiting for stability to go long is probably the best way to go.

Thanks for watching, I’ll be back tomorrow.