BTC/USD Price Forecast January 5, 2018, Technical Analysis

Bitcoin markets went back and forth during the Thursday trading session as we are still in the middle of the consolidation area that we have been in for a couple of weeks. With the $13,000 level underneath offering support and the $16,000 level above offering resistance, it looks as if the market is ready to go back and forth, and essentially isn’t ready to do anything. Now that institutional investors are in the Bitcoin market, it looks as if things have calmed down, and I suspect that retail traders are going to be less interested as although we have rallied significantly, a market that stays stuck like this becomes a lot less interesting for retail traders.

BTC/USD Video 05.01.18

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This being the case, I suspect that we will still see money go into the crypto currency space, but in some of the smaller ones. In general, I believe that money is flowing out of Bitcoin and into other markets such as Ripple, Ethereum, and many other markets. I believe that Bitcoin is going to be very range bound over the next several sessions, but I recognize that if we can break above the $16,000 level, the market can go to the $18,000 level next. Otherwise, if we break down below the $13,000 level, the market will probably go down to the $10,000 level, as it is a major level on the historical charts. Volume is still anemic, as it has been for several weeks. Until we get more volume, I suspect we are going to see more of the same type of sideways and listless action in the Bitcoin markets, although one should point out that the United States releases its Nonfarm Payroll figures for the month of December today, and that will have a massive influence on the US dollar in general.

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