Bitcoin Price Analysis January 16, 2018, Technical Analysis

BTC/USD

Bitcoin markets were slightly bullish during the trading session on Monday, but the volume certainly wasn’t coming from the United States as most traders were away for the Martin Luther King Jr. holiday. I believe that the $13,000 level underneath is support, but I also believe that the $17,000 level above is the top of resistance. If we can break above the $14,500 level, I think that the market then has the ability to reach towards the $15,250 level. I don’t have any interest in shorting this market, but I do recognize that we may get a bit of a pullback.

BTC/USD Video 16.01.18

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BTC/JPY

Bitcoin markets went sideways during the trading session against the Japanese yen, as we are hovering around the ¥1.72 million level. I think that the market continues to see a lot of volatility, and if we can break above the ¥1.76 million level, the market should then go to the ¥2.0 million level. Ultimately, I think that pullbacks are buying opportunities, but I recognize that we could go as low as the ¥1.5 million level underneath, which of course can cause a significant amount of noise. I don’t think we break above the ¥2 million level anytime soon, and I recognize that we are essentially range bound overall when it comes to the Bitcoin markets, against both the US dollar and the Japanese yen. For what it’s worth, it’s the same against the Euro as well. I believe that Bitcoin continues to offer a range bound opportunity at best, so use those type of trading setups. Using the stochastic oscillator on oversold cross might be the best way to go going forward, at least for “smash and grab” trades.

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