09 Jan Bitcoin Analysis January 10, 2018
Bitcoin markets have drifted a bit lower during the trading session on Tuesday, as the $14,000 level has been supportive so far. I think that if we break down below the $14,000 level, the market will probably go looking towards the $13,000 level, followed by the $12,000 level. Ultimately, I believe that the buyers will return and push this market to the upside, but it may take some time to get that type of bullish pressure.
Bitcoin initially fell during the trading session on Tuesday against the Japanese yen, reaching down towards the ¥1.8 million level. We have bounce from there, breaking above the ¥1.9 million level, before rolling over again. At this point, I suspect that we are going to go a little bit lower, so waiting for stability to go long is probably the best way to go.
Thanks for watching, I’ll be back tomorrow.