Bitcoin Analysis December 8, 2017 | Nigeria Today
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Bitcoin Analysis December 8, 2017

BTC/USD

Bitcoin touched $15,000 during the trading session on Thursday and some exchanges, and when I look at this chart the first thing I think is how overbought it is. Another thing that concerns me is that the highest volume bars recently have all been negative. Because of this, I believe that we are approaching an area that will probably cause a significant pullback. If you already own Bitcoin, that’s one thing, but getting in now would be completely reckless. Wait for a pullback, probably several thousand dollars, before you can initiate a new position. Stop losses should be moved towards the $14,000 handle for those who are traders, and not investors.

 

BTC/JPY

Bitcoin of course has done essentially the same thing against the Japanese yen, touching ¥1.8 million during the trading session on Thursday. Currently, we are overbought by almost any metric you measure, so wait for a significant pullback, perhaps to the ¥1.65 million level before increasing your position, or starting a new one. In the meantime, if you are out of the market, that’s where you should stay.

 

Thanks for watching, I’ll be back tomorrow.

The post Bitcoin Analysis December 8, 2017 appeared first on NEWSBTC.

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