25 Jan Bitcoin Analysis January 26, 2018
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.
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.