BTC/USD Price Forecast January 8, 2018, Technical Analysis

Bitcoin markets rally during the trading session on Friday, as you can see on the hourly chart. I think the market is looking likely to go towards the upside, perhaps reaching towards the $18,000 level above, which is a large, round, psychologically significant number and something that has shown importance on longer-term charts. Bitcoin markets have been a bit thin as of late, but during the Friday session most of the volume was to the upside, a very good sign. I think Bitcoin continues to be very difficult to trade overall, as we are starting to see a lot of conflicting stories and interest, but recently most of the bearish pressure in the Bitcoin markets has more to do with people buying alt coins than anything else.

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BTC/USD Video 08.01.18

Looking at the hourly chart, I think that the $15,000 level should offer a lot of support, and that pullbacks between now and that level could be thought of as value. I would jump in slowly though, because as everybody knows, this market can be very volatile and that of course can pile up losses. I would stay away from using leverage at this point, because there is so much in the way of headline risk and of course general noise. I think that the market will eventually try to go to the $20,000 handle above, but it will take a certain amount of buying pressure and of course momentum to reach that important level. A break above that level would be very bullish, perhaps sending the market to much higher levels.