Bitcoin Price forecast for the week of February 12, 2018, Technical AnalysisBitcoin markets were very volatile during the week, touching very low levels, but it seems as if the buyers are starting to come back, at least from a longer-term perspective. By the end of the week, we had formed a hammer.
Bitcoin markets broke down significantly during the week, reaching down towards the $6000 level. This is an area that caused a massive bounce, and in fact we ended up forming a hammer. The hammer is a very bullish candle stick, and it could have market participants looking to invest in Bitcoin, and not simply trade it from a momentum perspective. I think that although this is a bullish sign, and could lead to more buying, it’s a bit much to think that this market is going to rally the way it had earlier this year. Because of this, I think a certain class of retail trader is gone forever. Beyond that, if we were to break down below the $6000 level, it’s over. Otherwise, we will probably try to reach the $10,000 level which should be resistive.
BTC/USD Video 12.02.18
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Bitcoin markets have rallied after initially falling significantly during the week, forming a hammer. The hammer is a very bullish sign, and I think that if we can break above the ¥1 million level, the market could go even higher. The ¥1 million level of course is drastically important from a psychological perspective, and if we can clear that area I think we would then go to the ¥1.2 million level. The market is going to be very choppy and difficult, but if you have the ability to hang onto a longer-term position, you may be getting your opportunity to pick up Bitcoin. However, if we break down below the bottom of the hammer for the week, I believe Bitcoin will implode.