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Bitcoin Analysis January 19, 2018

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Bitcoin went back and forth during the trading session on Thursday, and at one point looked somewhat positive. We broke above the top of the hammer from the session on Wednesday, which is theoretically a bullish sign. However, once we broke above the $12,000 level, we rolled over to show signs of exhaustion, and it looks very likely that we will end up forming a less than impressive candlestick, as we have formed a shooting star. There is a serious lack of volume on this bounce, and even though that the $10,000 level is essentially the 50% Fibonacci retracement level, I think that we are not going to be able to sustain gains at any time. In fact, I don’t trust this market until we break above the $14,000 level, and at this point I think we are going to consolidate between the $10000 level on the bottom, and the $12,000 level above. If we break down below the $10,000 level, look out below.
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Text Comments (2)
Gregory Bainathsah (8 months ago)
Thanks!
KHALID ALAZMI (8 months ago)
thank you 🌷

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