BTC/USD Price Forecast December 28, 2017, Technical Analysis

Bitcoin markets continue to be very noisy, and very thin to say the least. At this point, between Christmas and New Year’s Day, it’s basically gamblers that are out there putting money to work. Looking at the charts, it makes sense that we did pull back, as the stochastic oscillator on the 4-hour chart was a bit too overbought, and crossed. If we can break above the $16,000 level, that is a sign that we should continue to go higher but I see a significant amount of noise between $16,000 and $18,000 above, meaning that it is going to be a fight to get up there. Because of this, I think it’s can be difficult to get involved until we get some type of significant volume. I do recognize that the $13,000 level underneath should be supportive, so this of course is a potential buying area, but we have signs that perhaps we won’t even get that low.

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BTC/USD Video 28.12.17

For what it’s worth, the 20 SMA on the 4-hour chart is trying to show signs of support as I record this, but again I think with a lack of volume, it’s basically just smalltime traders out there trying to push the market around. Longer-term traders have been bullish of Bitcoin naturally, but we have also seen a significant break down over the last couple of weeks. A breakdown below the $13,000 level would be very negative indeed, perhaps sending this market down the $10,000 next, but that of course would take a certain amount of inertia that I don’t think we’re going to have over the next several days. After New Year’s Day, that’s when the truth comes out, and real money gets back to work.

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