Bitcoin Price Forecast January 24, 2018, Technical Analysis

BTC/USD

Bitcoin fell a bit against the US dollar, testing the $10,000 level on Tuesday. That’s an area that of course attract a lot of attention, especially considering that we are at roughly the 50% Fibonacci retracement level of the overall move. The market participants don’t seem to be overly interested in this market, and I believe that the lack of volume is something that we need to be concerned. If we break down below the $10,000 level, the market should go lower, perhaps reaching down to the $80,000 level, which is the major support that we have seen. Alternately, if we break above the $11,000 level on volume, we could go to the $12,000 level.

BTC/USD Video 24.01.18

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BTC/JPY

Bitcoin has also fallen against the Japanese yen, breaking below the ¥1.2 level. The market has been in a downtrend, at least over the last several days. The ¥1 million level underneath should be a target going forward, and of course a massive amount of support. Ultimately, I think that this market needs to pick up a bit more volume to be believed on a move to the upside. The ¥1.3 million level being broken to the upside should free the market to go higher, perhaps the ¥1.4 million level, and then eventually the much more substantially resistive ¥1.5 million level. Currently, crypto currencies have struggled, and I think that may continue to be the way going forward. I suspect that rallies will only end up being selling opportunities because of the lack of volume. Remember, volume is going to be crucial.

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