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Bitcoin Analysis January 29, 2018

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Bitcoin markets have been quiet over the weekend, as one would expect, bouncing around just above the $10,000 level yet again. There is also the 61.8% Fibonacci retracement level that is offering support, but ultimately, I think what we are going to see is more sideways action than anything else. The market is trying to build a base at the $10,000 handle, but the volume has been very thin. That is something that concerns me for the uptrend, and I think that if we can get a daily close below $10,000, that will bring out a fresh, new flood of selling pressure. The market looks very likely to be quiet though, I don’t see any catalyst to get the movement going. If we break above $13,000, that would be a very bullish sign as it would clear resistance, but I think it’s difficult to trade in large quantities. Short-term back and forth trading is probably the order of the day. for more analysis: http://www.dailyforex.com
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