BTC/USD Price Forecast January 2, 2018, Technical Analysis

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Christopher Lewis

Updated Fri, Dec 29, 2017, 9:56 PM

Bitcoin rallied a bit during the trading session on Friday, reaching towards the $14,800 level, but at this point it looks like the markets are dying down as we have no volume to speak of. If we can break above the $15000 level, it’s likely that we will continue to go much higher. Because of this, I think that the marketplace is one that will be difficult to handle for the next couple of days, as we wait for volume, so at this point it’s probably best to be left alone. However, longer-term it’s likely that we will see buyers enter the marketplace, but one thing that you should keep in mind is that we have potential for a significant pullback based upon the overextended longer-term charts. I believe that the marketplace is one that is going to continue to offer short-term opportunities in both directions, so be careful and trade small. Eventually, the market may find itself going higher but in the meantime, plane a range bound strategy is probably best for short-term traders.

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BTC/USD Video 02.01.18

The US dollar has been falling significantly against other currencies in the Forex market, and that shows signs of a potential rally in the Bitcoin market, simply from an anti-US dollar standpoint. I think that longer-term traders are going to be looking for pullbacks to pick up value, but right now it doesn’t look as if the market is ready to give that opportunity. Because of this, I believe that we will probably trade in a roughly $1000 range, the and ultimately this is a market that you can trade using the stochastic oscillator, the RSI, or any other oscillator as a secondary indication of where to go.

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