Bitcoin Price Analysis January 30, 2018, Technical Analysis

BTC/USD

Bitcoin markets have drifted a bit lower on Monday, and what has become a very quiet range of trading. Currently, it looks as if the $10,000 level is offering a massive support level, but we also have a significant amount of resistance just above, and especially above there at the $13,000 level. What’s more important to me is the lack of volume, which tells me that the market isn’t ready to go higher with any type of conviction. Because of this, I think if you are a short-term trader, you can look at it back and forth trading decisions using something like the stochastic oscillator. Currently, it looks as if the drift will probably continue lower, perhaps down to the $10,400 level in the short term.

BTC/USD Video 30.01.18

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BTC/JPY

Bitcoin markets also fell against the Japanese yen level and what has been declining volume. The little bit of volume that we did get during the trading session on Monday has been negative, and that tells me the market will probably continue to be lackluster at best. Japan is 40% of the volume for Bitcoin, so this is one of the most important currency pairs to pay attention to when it comes to the Bitcoin markets. The ¥1.1 million level underneath is the support level that I think extends the market to the upside given enough time, but if we break down below that level, we haven’t even more supportive level near the ¥1 million level. I believe that the market is currently stuck in some type of consolidation, so therefore much like the BTC/USD pair, you should be looking at a range bound system.

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