Bitcoin Price Forecast February 16, 2018, Technical Analysis

BTC/USD

Bitcoin markets rallied a bit during the trading session again on Thursday, reaching towards the $10,000 level, an area that was previously supportive. By breaking down through there, we caused a bit of a panic, but as you can see volume has picked up over the last several sessions. This is a good sign, but we need to see the $10,000 level broken significantly, and preferably, with a significant amount of volume as it will show a bit of confirmation. If we get that, then I think Bitcoin can continue to rally but I think the days of making 20% in a few short hours are probably done.

BTC/USD Video 16.02.18

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BTC/JPY

Bitcoin rallied significantly during the trading session on Thursday, not so much in volume or price, but in psychological importance. Breaking above the ¥1 million level is important and should attract a lot of attention. I think there’s a lot of noise between here ¥1.2 million, but it’s likely that we will try to get there. This is the most important Bitcoin chart to watch, as 40% of traffic comes out of Japan. Because of this, I believe the market will continue to go higher, but could be noisy. I also think that a lot of retail traders are probably a bit skittish at this point, and this can be seen by the tamer gains that we have seen over the last several sessions. We may be entering a more mature market, which could keep retail traders away. After all, most of them have gotten into the crypto currency space because of the fast money. Those days are probably over, at least for the near future.

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