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Bitcoin Analysis January 31, 2018

3 ratings | 484 views
Bitcoin fell against the US dollar again on Tuesday, reaching towards the 50% Fibonacci retracement level, and the psychologically important $10,000 level. While a lot of Bitcoin proponents are making a big deal about the $10,000 level holding as support so far, those of us who specialize in technical analysis understand that even though the $10,000 level has held as of now, volume is dropping. That dropping volume is not a good sign. Accumulation means just that, people were accumulating. With no volume to speak of, and with that volume dwindling, that tells me there is no accumulation, and that if we get some type of sudden negative reaction, the market is going to break down. If it does, anticipate a move to the $8000 level. In the meantime, it volume remains very low as it has been, rallies are to be sold. for more analysis: http://www.dailyforex.com
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Text Comments (6)
Elmer Cabagbag (7 months ago)
Thanks Chris!
Fxseohelp (7 months ago)
Best Analysis I think
Sarah Schreiber (7 months ago)
Trump ruined Bitcoin
DailyForex (7 months ago)
That doesn't explain the lack of volume in Japan though, which is much more important than BTC/USD
Sarah Schreiber (7 months ago)
DailyForex One big reason for the lack of volume in Bitcoin is Trump's new tax plan. Thats what I was referring to. Thank you for your response though, I feel honored.
DailyForex (7 months ago)
The US dollar has been falling, and the Trump administration is no different than any other - they like a weak dollar. This SHOULD be good for Bitcoin. However, since it can't even rally when the USD falls.....that says it all. Bitcoin it ruined by the mania. No other reason.

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