Bitcoin continues to drift sideways overall, after initially dipping during the trading session. The uptrend line underneath continues to offer support, so we could get a bit of a rally from here, but overall it looks as if we have been consolidating. The $12,000 level underneath is massively supportive, and that being the case it’s likely that the market will find buyers in that area. The $17,000 level above is massively resistive, so we could find the market going back and forth between here and there. That being the case, if we break down below the uptrend line, look for buyers return at $12,000 on the premise of value.
Bitcoin also is drifting lower against the Japanese yen, as the market continues to consolidate in general. The ¥1.5 million level underneath offer support, just as the uptrend line does just below current pricing. Because of this, I think that the market will probably find some type of buying pressure, and if it does, we could go to the ¥2 million level.
Thanks for watching, I’ll be back tomorrow.
Bitcoin Analysis January 12, 2018