Bitcoin Price forecast for the week of February 12, 2018, Technical Analysis

BTC/USD

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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BTC/JPY

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.

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