Bitcoin Price Forecast February 14, 2018, Technical Analysis

BTC/USD

Bitcoin traders sold the crypto currency during the trading session on Tuesday, as we continue to see choppiness. Volume continues to drop off, so I think we are probably looking at a period of considerable consolidation ahead of us. The 20 SMA is just above, the middle of the Bollinger band on the daily chart, and that could offer a bit of negativity as well. I think we will consolidate around the $8000 handle, going back and forth and dancing around it. We need to see a strong volume candle and some follow-through to the upside for this market to give us an opportunity to start buying again. Otherwise, we still worry about selling pressure, and perhaps another run towards the $6000 level. Above, the $10,000 level offers significant resistance.

BTC/USD Video 14.02.18

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BTC/JPY

The Bitcoin markets also sold off against the Japanese yen, as the ¥1 million level has offered a bit too much in the way of resistance. This of course is a psychologically important level, so struggling there isn’t a huge surprise. I believe the market will more than likely go sideways here as well, perhaps slant to the downside in the short term. If we were to break above the ¥1 million level, especially if we had a pickup and volume, I believe that the next target would be the ¥1.2 million level, the scene of significant support in the past. I expect choppiness and consolidation more than anything else.

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