BTC/USD Price Forecast January 10, 2018, Technical Analysis

The Bitcoin markets slumped during the trading session on Tuesday, drifting towards the $14,000 level before bouncing a bit. However, as I record this it’s very likely that we are starting to roll over just below that downtrend line, and testing the $14,000 level again. If we can break down below there, the market will more than likely go looking towards the $13,000 level next. That’s an area that is a bit supportive, and I think that we will continue to see choppiness overall. If we can break above the downtrend line, that should send this market to the upside, perhaps the $15,000 level, followed very quickly by the $16,000 level. In general, I believe that Bitcoin is starting to lose a lot of its luster, as traders have been chasing alt coins lately.

Get Into Bitcoin Trading Today

BTC/USD Video 10.01.18

The one thing that does help Bitcoin is that a lot of the exchanges demand Bitcoin to pay for alt coins, thereby muddying the waters. I the longer-term we will probably see buyers return to Bitcoin, but until then, I anticipate that we will have a lot of choppiness. Longer-term, I would not surprise me at all to go looking towards the $20,000 level but you need to be very patient for that move.

If we were to somehow break below the $12,000 level, it’s likely that we would see the market breakdown rather significantly. At that point, we could be looking at $10,000. Expect choppiness more than anything else in this market as the easy money has been made. This market has followed the typical pattern of most bubbles, there has been an explosive moved to the upside that has brought the general public again. Once they get involved, things slow down as there isn’t much in the way a fresh, new money to move the market. At least not significant amounts of light.

Buy & Sell Bitcoin Instantly