Advertisement
Singapore markets closed

  • Straits Times Index

    3,176.51
    -11.15 (-0.35%)
     

  • Nikkei

    37,068.35
    -1,011.35 (-2.66%)
     

  • Hang Seng

    16,224.14
    -161.73 (-0.99%)
     

  • FTSE 100

    7,831.59
    -45.46 (-0.58%)
     

  • Bitcoin USD

    64,640.89
    +2,969.86 (+4.82%)
     

  • CMC Crypto 200

    1,333.86
    +21.23 (+1.65%)
     

  • S&P 500

    5,011.12
    -11.09 (-0.22%)
     

  • Dow

    37,775.38
    +22.07 (+0.06%)
     

  • Nasdaq

    15,601.50
    -81.87 (-0.52%)
     

  • Gold

    2,396.00
    -2.00 (-0.08%)
     

  • Crude Oil

    82.31
    -0.42 (-0.51%)
     

  • 10-Yr Bond

    4.6470
    0.0000 (0.00%)
     

  • FTSE Bursa Malaysia

    1,547.57
    +2.81 (+0.18%)
     

  • Jakarta Composite Index

    7,087.32
    -79.50 (-1.11%)
     

  • PSE Index

    6,443.00
    -80.19 (-1.23%)
     

Bitcoin continues losses on Wednesday

Christopher Lewis
Updated
Bitcoin markets rolled over again during the trading session on Wednesday, as we lost 4% coming into the US session. It looks likely that the Bitcoin traders will continue to sell this market every time it rallies, because quite frankly, it can’t pick up its own feet.

BTC/USD

Bitcoin traders sold off again during the trading session on Wednesday, as we have failed at the crucial $7400 level. The market is approaching the $7000 level as I record this, and I think that we could continue to go a bit lower. It seems to be a bit of a “risk off” day overall anyway, so I believe it is only a matter of time before bearish pressure enters the market. As far as buying is concerned, I wouldn’t do so until we break above the $8000 level, something that doesn’t look very likely to happen anytime soon.

Get Into Bitcoin Trading Today

BTC/JPY

Bitcoin also rolled over during the trading session on Wednesday, breaking below the ¥775,000 level. Now that we had broken below there, the market is testing the ¥750,000 level, and I believe that we will continue to go even lower, perhaps down to the 700,000 level. I believe that there is a massive “ceiling” near the ¥1 million level, that extends to the ¥1.1 million level. I think that every time we rally, it will end up being a selling opportunity. I believe that the market still has plenty of bearish pressure underneath, looking towards the ¥650,000 level. I believe that Bitcoin will continue to struggle against the Japanese yen, especially considering that the Japanese yen is strengthening in the currency markets overall. I believe that the concerns around the world will continue to strengthen the Japanese yen in general as it is considered to be a safety currency.

BTC/USD Video 05.04.18

Buy & Sell Bitcoin Instantly

This article was originally posted on FX Empire

More From FXEMPIRE: