BTC/USD Price Forecast January 15, 2018, Technical Analysis

Bitcoin markets rally during the session on Friday, but found the $14,000 level to be a bit too resistive to continue going higher. The market rolled over and the stochastic oscillator has crossed over in the overbought position. I believe that given enough time, the market will probably reach towards the lows again, perhaps even lower than that. One thing that I would bring out to your attention is that the highest volume candle for the day is a negative one as we started to roll over. The $12,000 level underneath is massively supportive, with the $13,000 level underneath being supportive as well. This market has been trending quite nicely to the downside, and I think that the market continues a “other rallies” attitude.

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BTC/USD Video 15.01.18

The alternate scenario is if we can break above the $14,300 level, I think then we can go to the $14,800 level. In general, I believe that this market is going to drift lower as the lack of volatility is probably driving retail traders out of the market, as many of them would have joined just after the futures market mania started, Coinbase adding a few hundred thousand accounts every day during that time. Those traders have all lost money, and will almost have undoubtedly withdrawn by now, as they would be “scared money.” The get rich quick scheme seems to be falling by the wayside, and now Bitcoin is starting to look more like a currency market. What’s even more interesting is that the volatility will probably dry up even more, because even though it has calm down significantly, we are still seeing 3% moves daily.

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