Yahoo Finance Bitcoin Price Forecast February 13, 2018, Technical Analysis
BTC/USD
Bitcoin markets obviously have been selling off recently, and at this point I believe that a lot of the retail traders are long gone. After all, and unless you are used to the crypto currency world, a 70% selloff is enough to keep you away for good. I’m looking at the volume, and I recognize that it is relatively anemic, but price action is showing that we are trying to find some type of stability, if not bottom. I think the next move is going to be crucial in the Bitcoin markets, and obviously we have a lot of work to get above the $10,000 level. If we can break above there, the market should go much higher, and it would probably stoke a bit of confidence. Otherwise, if we were to break down to a fresh, new low, that could be very negative. If you do buy Bitcoin, you need to do it in small increments for the time being.
BTC/USD Video 13.02.18
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BTC/JPY
Bitcoin markets rallied a bit against the Japanese yen as well, as we are trying to break above the ¥1 million level. If we can do that, it’s likely that we will be able to go higher, perhaps reaching towards the ¥1.20 million level. I think that market participants in Japan will be crucial as to where we go next, as it is likely that with Japan being over 40% of the volume in the Bitcoin markets, it will give us an idea as to whether the retail traders are willing to come back in, or if this is a market that needs to do a lot of work to build up the confidence again.
This article was originally posted on FX Empire
