BTC/USD Price Forecast January 12, 2018, Technical Analysis

Well, it appears that the Wall Street pundits got what they wanted. As soon as the futures markets opened in Chicago trading Bitcoin, volatility has slumped drastically. I think that the easy days of making 20% returns in this market place are gone. The latest move has been gradual to an uptrend line, something that is much more akin to trading the Australian dollar than a crypto currency. There has been a massive sea change in the way that these markets move, and it’s not just in Bitcoin, it’s everywhere.

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BTC/USD Video 12.01.18

That being said, this market does look a bit negative at the moment. If we can break above the $15,000 level, then I’m convinced that the buyers will probably try to push to the $17,000 level, an area that has been resistive more than once. Because of this, I think that the market will probably try to reach that level, but until we clear the $15,000 level, I don’t think we have built up enough momentum. In fact, I suspect it’s probably going to be just as easy to reach to the $12,000 level below. That is the bottom of the overall consolidation, and a break below that would be a significant sign that we are going much lower. In fact, below $12,000 I’d be willing to short this market.

The choppiness will probably continue, but for the retail trader, it’s difficult to own a full Bitcoin, because we are talking $14,000 at a time. I believe that the best way to trade Bitcoin now is going to be through the CFD markets, just as you would any other Forex instrument. This way, you can get in and out of the market without the added hassle of dealing with the crypto exchanges. I still believe that the market is overly inflated, and that given enough time we will see a significant correction, but I will admit that the futures markets coming into the eye of the public perhaps has stabilized things a bit, maybe making any type of major correction more survivable for the longer-term investor.

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