BTC/USD Price forecast for the week of January 8, 2018, Technical AnalysisBitcoin fell initially during the week, but found buyers yet again. Because of this, it’s likely that the market should continue to go higher based upon the recent action. However, there is a lot of volatility in the market, and I am a bit concerned about volume.
Bitcoin markets initially fell during the week, testing the $13,000 level, but have bounced quite drastically to test the $16,000 region. By doing so, it looks very bullish but I am concerned about the lack of volume this week. After all, you can see how much stronger the volume was during the previous 2 candles, both of which were negative. Beyond that, I see more volume in the negative candle’s going back several months now, so I begin to wonder whether we can continue this upward pressure. The market has pulled back a bit, but I think it needs to pull back even further. Longer-term traders will probably be more of the buy-and-hold scenario, so it’s likely that the retail traders will be picking up bits and pieces in this area. I suspect that we will continue to see volatility, but one of the things that is helping Bitcoin currently is the fact that the US dollar has been falling in general.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
BTC/USD Video 08.01.18
The $20,000 level above is a significant resistance barrier, so breaking above there would of course change the outlook of the market but I think what we are going to see going forward is going to be more choppiness from a longer-term perspective, as the opening of the futures markets seems to have put a damper on the buying pressure that we had previously seen. I’d be careful jumping in with both feet right now, but adding slowly as we go higher might be a viable alternative to doing so.