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Bitcoin Price forecast for the week of February 12, 2018, Technical Analysis
Updated: Feb 10, 2018, 06:07 GMT+00:00
Bitcoin 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.
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
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.
About the Author
Christopher LewisSenior Analyst
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
