BTC/USD Price Forecast January 9, 2018, Technical Analysis

Bitcoin traders sold off during the trading session on Monday, as we broke down from the $16,000 handle. On the hourly chart, we are overextended to the downside based upon the Bollinger Bands, so it looks like we are going to continue to see negativity. A bounce from here will probably attract sellers, and I would be a bit suspicious until we break above the $16,000 level, as it would show the complete turnaround of the attitude. I think that there is much more support closer to the $13,000 level, based upon the longer-term charts so I am much more convinced the start buying in that area.

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BTC/USD Video 09.01.18

If we were to break down below the $13,000 level, that would be a very negative sign. I think that we are going to continue to consolidate between the $13,000 level on the bottom, and the $16,000 level the top. Bitcoin has been based upon buying of other crypto currencies, as most exchanges demand Bitcoin to buy other ones such as Ripple, DASH, etc. because of this, you will often see a surgeon the price of Bitcoin, followed very quickly by a selloff in other digital currencies rise. I believe that one thing that you can pay attention to his volume, which has been very high to the downside. Overall, I believe that the buyers will return eventually, but the markets had gotten so far ahead of them the cells that it’s difficult to maintain bullish pressure. After all, at this point you have retail traders jumping in to the market rapidly, but they are doing so in small amounts. The market continues to turn, and I don’t think that’s changing. If you are going to play the Bitcoin markets right now, it’s probably best to do sideways range bound system type of trading. Using the stochastic oscillator is a good idea in a situation like this, so I think it’s only a matter of time before the buyers push towards $16,000, but we may need to drift a little bit lower before we get enough value.

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