Bitcoin Analysis January 16, 2018

BTC/USD

Bitcoin markets went back and forth during the trading session on Monday, but then rallied. The market continues to be range bound, and as we are on the bottom half of the consolidation area, we should be looking for buying opportunities. I think that range bound trading continues to be the case for this market, with the $17,000 level being the top.

BTC/JPY

Bitcoin went sideways against the Japanese yen, essentially showing a lack of determination. We consolidate in against the Japanese yen, with the ¥1.5 million level on the bottom, and the ¥2.0 million level on the top. I think that we will probably drift tire from here, but quite frankly there’s nothing compelling on this chart to have me putting a lot of money to work.

Thanks for watching, I’ll be back tomorrow.

The post Bitcoin Analysis January 16, 2018 appeared first on NewsBTC.

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