Yahoo Finance Bitcoin rallies during Thursday session again
BTC/USD
Bitcoin markets rallied a bit during the trading session on Thursday, gaining over 2% as I record this video. The $7600 level has been resistance more than once, so if we roll over from here, that would be expected. If we can break above the $7600 level, then possibly the $7800 level. The $8000 level of course has been massive in its importance, so it’s not until we break above there that I am truly convinced that the market has turned around. In the meantime, one of the biggest issues you will have in this pair is that the US dollar has been strengthening longer-term, so that can’t be forgot about either.
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BTC/JPY
Bitcoin went back and forth during the trading session on Thursday, as we continue to see a lot of volatility but as I record this we have gained so far. The Japanese yen of course is crucial, because it is 40% of the market when it comes to bitcoin, and I think that we will probably roll over from here and test the ¥800,000 level, and then possibly even the ¥700,000 level given enough time. I got no interest in trying to go long of this market quite yet, as there is so much in the way of noise above. We have not reached towards the bottom of the consolidation area yet, which is the ¥700,000 level. I think that the market will continue to be looking for a reason to go lower, and geopolitical concerns could drive demand for the Japanese yen anyway.
BTC/USD Video 01.06.18
This article was originally posted on FX Empire
