Yahoo Finance Bitcoin has quiet yet negative week
BTC/USD
When you look at the Bitcoin/US dollar pair, the one thing that stands out is that we have continued to make “lower highs.” That is a sign of just how soft this market is. The $6000 level underneath should be massively supportive, and I think that it will make a nice target for those who are trying to sell this pair. Quite frankly, from a longer-term standpoint it’s difficult to get overly bullish from the longer-term standpoint until we break to a “higher high”, the very essence of an uptrend. In other words, it’s not until we break above the $10,000 level that from a longer-term standpoint we’re technically ready to go higher.
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BTC/JPY
Bitcoin also fell against the Japanese yen as you would expect, and we are approaching an attempt to the ¥800,000 level, and then perhaps the ¥700,000 level underneath there as it is an area that has been very supportive and important in the past. The recent high was much lower than the previous one, just as it was lower than the one before it. I think it’s only a matter of time before we reach towards the ¥700,000 level below, and perhaps break below it. If we do, then this market could unwind rather quickly. It’s not until we break above the ¥1.1 million level that I think we can make an argument for finding a bottom and perhaps trying to turn around to the upside for a longer-term move.
BTC/USD Video 11.06.18
This article was originally posted on FX Empire
