Yahoo Finance Bitcoin does very little during quiet Thursday session
BTC/USD
Bitcoin rallied only just slightly during the trading session on Thursday, as we continue to hang about the $7700 level. I believe that the $8000 level above is massively important and of course resistance, so I think it’s only a matter of time before the sellers get involved. On signs of exhaustion, I’m more than willing to start shorting this market and send it to much lower levels. Quite frankly, it’s not until we break above the $8000 level that I would be convinced of the move higher. In general, I believe it’s only a matter of time before we reached down towards the $7000 level again.
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BTC/JPY
Bitcoin also rallied against the Japanese yen slightly during the day on Thursday but found resistance again at the ¥850,000 level. I think that the market will probably roll over again given enough time, perhaps reaching down towards the ¥800,000 level, perhaps even the ¥700,000 level as it is the bottom of the overall consolidation that we have been in for some time. I believe that the ¥900,000 level above is significant resistance, and of course the ¥1 million level above there will be. I’m looking for exhaustion to start selling going forward and have no interest in buying this market as I believe it will be a short-term rally at best. In the meantime, I’m sitting on the sidelines waiting for a decent trading opportunity. Either that exhaustion or a break down below the ¥825,000 level would be used as a trigger.
BTC/USD Video 08.06.18
This article was originally posted on FX Empire
