BTC/USD Price Forecast January 23, 2018, Technical Analysis

The Bitcoin markets initially tried to rally during the trading session on Monday but found the $12,000 level as resistance. That resistance was previous support, so that makes a significant amount of sense, and I think that we are going to continue to see that area act as a bit of a “ceiling” in the market. When you look at the bowling, it is most certainly higher to the downside again, which is indicative of a market unwinding. At this point, I think that it’s obvious Bitcoin is struggling significantly, and we would need to see a major and impulsive move to the upside to be comfortable buying. Currently, I believe that the $13,000 level needs to be cleared by the buyers, and in volume to put money to work.

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Shorting the market isn’t the easiest thing to do, but I think that’s probably the best way to trade it. I think we will probably make a fresh, new low in the next couple of days, as volume simply does not reappear for the buyers. There has been a bubble in the Bitcoin market for some time now, so it was due to pull back at the very least, and blowup at the other extreme. I don’t think we’re going to see a major blowout in this market, but I certainly think that a lot of retail traders have been torn up as there was a spike in new accounts closer to the $20,000 level. Those people are down roughly 45%, and that was only a month ago. This is typical of how bubbles work, as soon as the general public is invited to get in, and everybody starts talking about something, it falls apart. We’ve seen this in a housing, we see this in tech companies, and now I think we’ve seen this crypto currencies.

Remember though, just because a bubble has popped doesn’t mean that something goes to zero. The longer-term trader will probably do quite well investing in Bitcoin at lower levels, but I think those lower levels are yet to be found.

BTC/USD Video 23.01.18

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