Bitcoin Trend / 31 - 01 - 2018

It took years for bitcoin price to reach an amazing price, but few words and actions by the right people to smash it down. It's a battle of pro-bitcoin pumping vs anti-bitcoin dumping. Eventually one side will run out of money and the other will be victorious.

Having traded in the range of 9300.00 ( the low of the year ) to 13000.00 from 17th Jan, it has been sideway for 2 weeks now. Wedge Is Getting Narrower, Won't Last Long.

I think, bitcoin price wouldn't break above towards higher prices until the middle of February 2018, because experts are pointing to the Chinese New Year, which takes place on February 16, as one of the reasons behind the current correction being seen in the cryptocurrency market.

• Bitcoin price now is around 10000.00 / the crash zone/.

• Technical indicators are giving mixed signals, so it’s tough to tell what’s next for bitcoin price from here.

• Volume is low as traders remain cautious, but I still suggest the bullish unless breaking 9300.00 / the low of the year.

• Breaching 10700.00 level and hold above it, will push the price towards 11600.00 level.

• Breaking 9300.00 level and hold below it, will push the price deeply in the crash zone towards 6000.00 level.

• My point of view, bitcoin price might turn higher from here, as stochastic is already reflecting oversold conditions and looks ready to bring the buyers back.

Expected trading for today:
is between 9300.00 support and 10700.00 resistance.

Expected trend for today : Neutral.
Depends on;

• Breaching 10700.00 / Bullish.
• Breaking 9300.00 / Bearish.