Bitcoin Analysis January 26, 2018

BTC/USD

Bitcoin fell a bit during the trading session on Thursday, as we continue to drift around between $10,000 on the bottom, and $12,000 on the top. I believe that if we can break above the $12,000 level, we could go to the $13,000 level, but the lack of volume still causes a significant amount of concern. Because of this, I suspect that we are going to consolidate at best, unless we get some type of catalyst to bring in massive amounts of money. Expect quiet range bound trading.

BTC/JPY

Bitcoin has drifted a bit lower against the Japanese yen as well, as volumes are starting to dwindle yet again. The market currently has a bit of a floor starting at the ¥1.1 million level, extending down to the ¥1 million level. Ultimately, this is a market that I think will continue to bounce around, and currently I don’t see much beyond a scalp in one direction or the other.

Thanks for watching, I’ll be back tomorrow.

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