Crypto Screener Forums Bitcoin (BTC) Forecast – Technical Analysis Bitcoin (BTC) Technical Analysis – January 2018 Reply To: Bitcoin (BTC) Technical Analysis – January 2018

#1458
margincall
margincall
Keymaster

Quick update on the BTCUSD markets for the short term.

btcusd 26 Jan 2018 Forecast
We can see that the market is clearly hitting against the ceiling at around 11600 – 12000.

With the Bulls staying shy of the market we can see that the demand is dwindling and the CCI might switch over to Bear mode soon.

On the short term I would advise caution to those speculating on the Bitcoin markets. We will see the CME futures expiring today and get a clear idea what the street is up to.

Short term support for BTCUSD is at 9k – 10k.

Medium/Long Term support could be as low as 7k or even lower.

 
BTCUSD 1week candles 26 Jan 2018
 

It is a good practice for traders to take a look at the 1day and 1week candles to asses complete situation the market finds itself in.

Even though I believe this is still a very healthy correction for the market, many speculators/investors will reassess their commitments when/if $9k should break.

Feel free to discuss this trade idea with us.