Bitcoin Price Forecast February 15, 2018, Technical Analysis

BTC/USD

Bitcoin markets got a boost during the Wednesday trading, as it looks like we are going to threaten the $10,000 level. It is at that level that I think a breakout would mean something. In the meantime, it looks as if we are trying to form some type of bottoming pattern, and a break above the $10,000 level would confirm that. Volume picking up would be necessary, so at this point I suspect there is still a bit of trouble above just waiting to happen. $10,000 is going to make or break Bitcoin in the near future and lead us to the next phase of trend. Ultimately, volume is going to be the most important indicator to follow.

BTC/USD Video 15.02.18

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BTC/JPY

Bitcoin markets rallied against the Japanese yen as well, challenging the ¥1 million level. If we can break above this on a daily close, I think that it will convince traders to come back into the fold. It would confirm a bottoming pattern, perhaps some type of complex inverse head and shoulders. If that’s the case, we could be looking at a move towards the ¥1.3 million level based upon the measurement. Volume increasing is something that’s necessary, because at this point I think a lot of retail traders are sitting on the sidelines trying to decide whether to get involved again or not. Many of them have just been decimated in the massive selloff, so of course they will be a bit leery about getting involved. They need direction, and that direction needs to come from institutional traders.

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