Bitcoin Analysis January 29, 2018

newsbtc

Last Updated: June 11, 2024 7:47 am

1 min read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

BTC/USD

Bitcoin fell again during the day on Friday, as we finally got volume. Unfortunately, that volume was a negative candle, as we continue to see most of the stronger volume candles show red. That of course is a negative sign, so therefore I think we are going to test the $10,000 level underneath, which of course has been important more than once. If we can break down below there, the market should unwind towards the $9000 level, and then eventually the $8000 level.

BTC/JPY

Bitcoin fell again against the Japanese yen as well, and on high volume, relatively speaking. The market looks ready to test the ¥1.1 million level, which is the beginning of support down to the ¥1 million handle. A breakdown below there sends the market much lower, perhaps to the ¥800,000 level. Any rally at this point should continue to be a selling opportunity.

Thanks for watching, I’ll see you again tomorrow.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.