Bitcoin Price Forecast January 29, 2018, Technical Analysis

BTC/USD

Bitcoin fell significantly during the day on Friday but did recover some of the losses later in the day. However, the thing that I notice is that the most volume we see in this market is on red candles. The $10,000 level course is very significant, so I think a breakdown below there it’s likely that the market will continue to go much lower, perhaps reaching towards the $9000 level next. This is a 50% Fibonacci retracement level, and a breakdown below here would signify that we are ready to go down much lower, probably 8000, let alone 9000. At this point, rallies are to be sold.

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BTC/USD Video 29.01.18

BTC/JPY

Bitcoin fell against the Japanese yen during the day, reaching towards the ¥1.1 million level again. We bounced over here as well, but as I record this the selling is starting to pick up again. If we break down below the ¥1 million level, the bottom will fall out in this market, and send Bitcoin down to ¥800,000 rather quickly. The market raking down below the ¥1 million level would cause a significant amount of psychological damage, and I think that would cause a mass unwind in the Bitcoin bubble. As far as buying is concerned, we need to clear the ¥1.3 million level to consider it at this point, as we have seen so much damage to this market, and of course Bitcoin as well as the rest of the crypto currency space seems to be in serious trouble.

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