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Bitcoin Price Forecast February 7, 2018, Technical Analysis
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Bitcoin markets have rallied slightly during the day on Tuesday, as markets cannot move in one direction forever. At this point, I would suspect that most traders are going to fear holding crypto currency for any length of time, and the first signs of trouble will probably have them bailing.

BTC/USD

Bitcoin markets have rallied a bit over the last several hours as I record this, but there is still plenty of resistance to be found above. I think that rallies will continue to be selling opportunities, especially near the $8000 level. Ultimately, I think that the $8000 level should offer a bit of a ceiling, as it was massive support previously. Ultimately, I would be surprised if we even got to that level, but if we do I think that the bearish pressure will be far too much to get past. We have broken down through significant barriers repeatedly, so it’s very unlikely that confidence will be easy to come by. I’m more than willing to sell on signs of exhaustion.

BTC/USD daily chart, February 07, 2018
BTC/USD daily chart, February 07, 2018

BTC/JPY

Bitcoin has rallied against the Japanese yen as well, something that is completely vital for this market to finally turn around overall. We are finding resistance at the ¥800,000 level, which isn’t much of a surprise as it is massive support from the past. That should offer resistance now, and although we have had a nice bounced during the day, and are up over 3% as I record this, I suspect that holders are waiting above to get out of the market with smaller losses than they have seen. In other words, they are looking to get as close to breakeven as I possibly can. This is a market that is completely broken, and at this point I would need to see a clearance of the 1 million you level to be convinced that buying is possible.

BTC/JPY daily chart, February 07, 2018
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