Bitcoin Analysis January 16, 2018

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BTC/USD

Bitcoin fell against the US dollar during trading on Tuesday, and you can see that we have broken down below the $12,000 level. By doing this, it looks likely that we are going to continue to go lower, perhaps down to the next major number at $10,000. It is because of this, that I recommend selling short-term rallies as they will more than likely continue to meet bearish pressure. A breakdown below the $10,000 level should have the market looking for the next major level, which I see at $8000.

BTC/JPY

Bitcoin fell against the Japanese yen as well, as one would expect. You can see that we are below the ¥1.5 million level, perhaps getting ready to reach towards much lower levels think at this point we are probably going to go looking towards the ¥1.2 million level, and then possibly the next major number, the ¥1 million level. I am a seller of short-term rallies as Bitcoin looks to be struggling overall. One thing that I would point out is that volume has picked up, and that of course makes this move a little bit more significant than some of the earlier trading.

Thanks for watching, I’ll be back tomorrow.