Bitcoin Forecast — January 31st 2018

In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the January 31st session.

Bitcoin/USD — As you can see, it is another negative candle. A little bit of war of words going on in the trading community right now. A lot of bitcoin traders are excited that the $10,000 is holding as support and that is important. But those of us who have been doing the technical analysis for a while, know that a lack of volume is not a good sign. So, I think it is probably only a matter of time before we break down below $10,000 and reach $8,000. I don’t like buying this market unless we get a surge in volume on a positive day. i haven’t seen that. So, I would have to anticipate that we are going lower. What is even more concerning is that the US dollar got pummeled in the forex market. It still does not give bitcoin a break.

Bitcoin/JPY — It is very much the same thing. We are testing the 61.8% Fibonacci retracement level. The 1.1 million yen is that level and it extends to 1 million yen. A break down below this level has this market looking for 800,000 yen level. With 40% of the world’s bitcoin market, not a good sign. A break above 1.3 million yen could have me buying, but I am not holding my breath.

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