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BTC/USD Price forecast for the week of January 15, 2018, Technical Analysis

Christopher Lewis

The Bitcoin markets have fallen during the week, reaching down towards the $12,000 level multiple times. However, we have bounced above there, so I think that the market is probably just going to drift sideways overall. Short-term trading in a range bound Manor probably continues to be the best way to trade Bitcoin, but if we were to break down below the $12,000 level, the market will fall to the $80,000 level. Otherwise, if we could somehow break above the $17,000 level, the market probably goes to the $20,000 level.

BTC/USD Video 15.01.18

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I believe the longer-term investors may return, but at this point Bitcoin looks as if it has settled down after the futures markets opened in Chicago, which is very interesting because most people had suggested that it would either be good for Bitcoin, or horrible. I think most retail traders will suggest that it’s a bad thing, mainly because the profits have dried out. Ultimately, this is a market that is starting to act more like a currency market, and less like the housing bubble of 2007. Ultimately, I think that buying on dips is a viable strategy, if we can remain above the $12,000 handle. Otherwise, shorting the market is probably the best way to go, and then perhaps looking for some type of stability to start taking advantage of for the longer-term move. I think that Bitcoin continues to be very noisy, but I think a lot of the mania has dissipated, making this just another market.

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BTC/USD weekly chart, January 15, 2018

This article was originally posted on FX Empire