Bitcoin Price Forecast February 2, 2018, Technical Analysis

BTC/USD

Bitcoin markets fell significantly during the trading session on Thursday, breaking significantly below the $10,000 level, and it now looks likely to reach towards the $9000 level, perhaps by the time you read this article. Volume has been heavy, and I think a lot of stop losses have just been crushed. This is the 50% Fibonacci retracement level falling apart, and that is an opportunity to start shorting yet again. The $8000 level underneath is massive support, as it is a 61.8% Fibonacci retracement level. Ultimately, I think that rallies are to be sold, and I find it very difficult to imagine this market breaking out to the upside and going higher. For the most part, I believe that Bitcoin is done for a while.

BTC/USD Video 02.02.18

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BTC/JPY

Bitcoin fell against the ¥1.1 million level, on heavy volume. Ultimately, I think that we will continue to see sellers jump in this market, pushing it down to the 1 million level. If we break down below there, it’s likely that the market. To the ¥800,000 level next. There is high-volume on this move, and if Bitcoin cannot hold its value in Japan, it cannot hold it anywhere else. I believe that breaking down below the ¥1 million level is a significant occurrence, and I think at this point Bitcoin is going to be in a bit of a freefall for the next couple of days.

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