In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the January 30th session.
Bitcoin/USD — As you can see, we have pulled back a bit during the trading session on Monday again, as we continue to hover just above the 50% Fibonacci retracement level, and of course the psychologically important $10,000 handle. What concerns me the most about bitcoin is the volume. It is just falling through the floor. It looks as if nobody is willing to put money in this market again. I think eventually, we are going to have people give up. Once they do, that could be the break below $10,000. That will more than likely bring in strong volume to the downside and probably have this market looking to 8,000 A rally from here, I am ignoring until we clear 13,000. Now, what concerns me being on volume is a fact that even on days when the US dollar is getting beaten up, bitcoin can take advantage of it.
Bitcoin/JPY — We have seen bitcoin fall to the 61.8% fibonbacci retracement level during the day on Monday. We see more negativity, less volume yet again. A breakdown below the 1 million yen level opens the floodgates. A move above 1.3 million yen might open the door to 1 and half million yen, but again I need to see volume pick up. I am just not seeing it right now.
© Prabhu for Forex Videos, 2018. |
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