Bitcoin Price forecast for the week of January 29, 2018, Technical Analysis

BTC/USD

Bitcoin markets pulled back during the week, but continue to find support near the $10,000 level, an area that of course has a certain amount of psychological importance to it. There is the 50% Fibonacci retracement level there that could offer a bit of noise as well, but what I’m concerned about is that we don’t have a lot of volume at this point. I think the market is trying to decide which direction to go, and I also believe the $10,000 is a psychologically important level. However, I believe that it is much more important to pay attention to Bitcoin priced and the Japanese yen than the US dollar, as there is 40% of the worlds volume found in that country.

BTC/USD Video 29.01.18

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BTC/JPY

Bitcoin markets broke down during the week, reaching towards the 61.8% Fibonacci retracement level. The ¥1.1 million level has been supportive, and I think that it is the beginning of his own that extends down to the ¥1 million level. If we break down below the ¥1 million level, the market should break down significantly at that point, with the next support level being the ¥800,000 level. Alternately, if we can break above the ¥1.3 million level, we could see the market tried to overtake the 50% Fibonacci retracement level, and then the 38.2% Fibonacci retracement level. I believe that the market will eventually have to decide, and I think that this market will lead where the rest of the crypto currency markets go, the BTC/USD pair included. No matter what you trade, you should be paying attention to this market.

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