Bitcoin Price Forecast January 26, 2018, Technical Analysis

BTC/USD

Bitcoin has recently lost 50% of its value, and that has scared a lot of retail traders away. At this point, there are traders in one of 2 camps: the ones who think that we are going straight to the moon, but it’s only a matter of time, or the ones that think the bubble has popped and it’s all over. I anticipate that’s what’s going on right now, people were trying to make this decision. Volume has dropped significantly, which leads me to believe in the downside more than anything else. After all, rallies that show almost no volume are hardly convincing. I think in the short term, we are going to go dropping towards the $10,000 handle again.

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BTC/USD Video 26.01.18

BTC/JPY

Bitcoin has fallen again against the Japanese yen, and again, on low volume. The market looks likely to go down to the ¥1.1 million level again, which is the beginning of significant support. I think that support extends down to the ¥1 million level, and the lack of volume should make this a gentle drift to that level, not some type of massive selloff. As far as buying is concerned, I could be convinced to do it a little closer to that level but would need to be on a bounce with significant volume. Volume is not something that we have seen much of lately, and I think that continues to cause a major issue in this market.

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