BTC/USD Price Forecast January 11, 2018, Technical Analysis
Bitcoin markets were choppy during the trading session on Wednesday, reaching down towards the uptrend line, and that being the case we found enough buyers to get involved. I think that the $15,000 level above will offer quite a bit of resistance, and it’s not until we break above there that I feel the market is free to go much higher, and I recognize that the market will continue to be very noisy in the meantime. Once we break above the $15,000 level, I think the market will go looking towards $16,000 next. Bitcoin has lost a bit of its luster recently, as traders are starting to look towards alt coins instead, and at this point it’s much more likely to see Bitcoin rally due to people trying to buy other currencies such as Ripple, DASH, and many others. After all, a lot of the smaller exchanges demand Bitcoin for payment to switch over to these currencies.
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BTC/USD Video 11.01.18
If we are able to break down below the uptrend line, the market probably goes down to the $12,000 level quickly, which is a massive barrier. If we were to break down below the $12,000 level, it is a sign that we could struggle rather significantly. Otherwise, I think that we will eventually find buyers, but it is going to be more of a grind and I believe that a lot of the explosive moves in the Bitcoin market are now a thing of the past. The market participants that were going to make the “easy money” have already come and gone.