BTC/USD Price Forecast January 22, 2018, Technical Analysis

The Bitcoin market has rallied a bit during the day initially on Friday, but finds the $12,000 level to be far too resistant to continue. We have found a lack of volume being a problem, and I think that the resistance extends to the $12,400 level. Currently, it does not look like there are enough traders out there to be aggressive enough to break above there. I believe that the massive amount of carnage in the markets have scared away a lot of the retail traders.

BTC/USD Video 22.01.18

Get Into Bitcoin Trading Today

Recently, we have seen a massive amount of retail traders jump into some of the exchanges, especially in the United States. However, it’s likely that we will see most of this people a bit skittish, as they have lost massive amounts since the peak of the sign-ups. Because of this, I think the lack of volume and of course the psychological damage could send this market lower, perhaps down to the $11,000 level. If we break down below there, the market is more likely to continue to go to the $10,000 level again, as we continue to see support in that area. I believe that the $10,000 level is crucial for keeping the market afloat, and if it gives way it could be rather aggressive to the downside. I believe that the market will be bearish overall, but I think it will more than likely be consolidation in the short term. If we break above the $12,400 level, then I could be convinced to start buying.

Buy & Sell Bitcoin Instantly