Bitcoin Analysis January 29, 2018

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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.