Yahoo Finance Bitcoin Price Analysis January 18, 2018, Technical Analysis
Anybody that has been following me for some time understands that I am more than a bit skeptical on the crypto currency situation. Over the last couple of weeks, we have seen what I thought of as the potential top of the bubble, when the futures markets opened. In fact, we spiked a little bit higher at the open, and have fallen since there. We have lost over half of the value since then, and I think the people are starting to understand that the “smart money” has already been involved in Bitcoin for some time. The question now begs: “if Bitcoin, the largest crypto currency can hold on to value, which one can?” It is because of this that I think we are going to see more selling than buying, when it comes to all crypto currencies with Bitcoin being the epicenter of the crypto currency universe.
BTC/USD Video 18.01.18
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Quite frankly, Bitcoin needs to rise for other currencies in the digital space to do so as well. There are government regulators around the world talking about changing the entire situation for crypto currency, and this has freaked people out. This has been the typical bubble, the chart goes parabolic, everybody on the street starts talking about it, they start throwing money at it, in the institutional investors who got involved in the market at the lows start selling.
Don’t believe me? All one must do is look at the highest volume candles over the last month. Almost to a candle, they are all red. Now that we are chewing away through the $10,000 level, it’s likely that we are going to go looking to $8000. Quite frankly, if you have the ability to short the futures market, that is probably the best way to go now. As far as buying Bitcoin is concerned, we will probably have the occasional bounce, but I think this party is over.
This article was originally posted on FX Empire
