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Daily Investment Analysis Bitcoin

By Victor Hedman - January 12, 2018

This is a segment we will attempt to post daily.

Remember this is not investment advice, mearly my personal analysis of the current market using both TA (Technical Analysis) and FA (Fundamental Analysis). 

 

Bitcoin took a hit after news from Korea saying they are about to ban exchanges.

It appears however that Korea has no plans on shutting down exchanges complying with the current regulations.



Bitcoin hit lows at below $13000 but bounced back off previous trend line and fib (Fibonacci) support.

 

Bitcoins bear markets tends to last about 6-8 weeks. Looking at the previous corrections this year implies a bullish scenario.



As always it is important to keep any possible scenarios in mind and if Bitcoin were to break the support line in chart #1, it’s very possible we see a drop further all the way down to the high $8000s.


Roger Ver and the propaganda machine behind BCash has once again increased their efforts to mislead new investors by buying the @Bitcoin twitter-handle and the original blockexplorer.

Efforts like these are usually followed by a big BCash pump which possibly could push Bitcoin below the $13k support.

Summary

Bitcoin currently appears oversold looking at the RSI (Relative strength Index). Both strong trend support and fibonacci support at around $13k.

However, BCash propaganda increasing and a large drop if support is broken. Currently not holding any Bitcoin positions other than cold storage hodl.

This is not investment advice.

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