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Bitcoin Analysis January 5, 2018

BTC/USD

Bitcoin drifted a bit lower during the trading session on Thursday, as traders continue to bounce around the head of the nonfarm payroll number coming out of the United States. This will have a drastic effect on the US dollar, and by extension Bitcoin. It looks currently as if we are consolidating still, with the $13,000 level being the “floor”, and the $16,000 level being the ceiling. Because of this, back and forth range bound trading strategies seem to be the best way to deal with Bitcoin currently.

 

BTC/JPY

Bitcoin fell a little bit against the Japanese yen after initially rallying, but in the Japanese market, it looks as if Bitcoin is trying to make a move to the top of the consolidation range at ¥1.9 million. If we can break above there, we will challenge the ¥2 million level, and a move above there becomes more of a “buy-and-hold” scenario. Until then, buying the dips continues to be the best way to trade.

Thanks for watching, I’ll be back tomorrow.

The post Bitcoin Analysis January 5, 2018 appeared first on NewsBTC.

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