Bitcoin Analysis January 11, 2018

BTC/USD

Bitcoin drifted a bit lower during the trading session on Wednesday, but is approaching a significant support level based upon the uptrend line. Ultimately, I think that there is significant support below at the $12,000 level, just as the massive resistance can be found at the $17,000 handle. I believe that it is only a matter of time before you to bounce and that Bitcoin continues to go higher.

BTC/JPY

Bitcoin drifted a bit lower against the Japanese yen during the session as well, but also is starting to form a hammer on the 4-hour chart, and I think we are starting to see buyers coming back into the market. Given enough time, I believe that the market is going to go to the ¥2 million level.

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