Bitcoin Price Forecast February 9, 2018, Technical Analysis

BTC/USD

The Bitcoin markets have rallied a bit during the trading session on Thursday, breaking above the $8500 at one point. We have given back some of those gains and are currently testing an area that has been interesting in the past. I think the $8000 level is going to be important, and I believe that the markets are going to continue to pay attention to this area. I think that if we break down significantly below there, the market will collapse. We have seen a lot of bullish pressure over the last couple of days, but the volume hasn’t been that exciting. I believe that this could go either way, but after the massive damage that we have seen over the last couple of weeks, I anticipate that even if we do rally from here, you will have plenty of opportunities to pick up value on dips.

BTC/USD Video 09.02.18

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BTC/JPY

If you want to trade crypto currencies, this is a most important chart to pay attention to. It is showing signs of life again, and as a record this we are up 9%. While that sounds exciting, keep in mind that we had lost 70%, so it’s not as impressive as it would have been at much higher levels. Nonetheless, this market is showing signs of fighting again, and I think that as we approach the ¥1 million level, it will get very interesting to see what happens next. If we can clear that area, then I think we go much higher. Otherwise, this will have been a “dead cat bounce.”

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