Yahoo Finance Bitcoin does nothing on Monday
BTC/USD
Bitcoin markets did very little during the trading session on Monday, going sideways around the $8800 region. The market looks likely to continue to try to build up enough momentum to go higher, but ultimately, I think that the market needs to find support at the psychologically important $8500 level, and of course below there. I think that the $9000 level above is offering significant resistance, as it is a large, round, psychologically significant figure. I believe that if we can break above this $9000 handle, were probably free to go to the $10,000 level next. The $9000 level has been structurally resistant in the past, so I believe that we will need to try to go higher as we build up momentum.
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BTC/JPY
Bitcoin went sideways against the Japanese yen but did elevate slightly as the Japanese yen sold against all other currencies in the Forex world. That of course has put negative pressure on the Yen, but I think that the market is trying to find enough momentum to finally go higher. The ¥925,000 level seems to be supportive, so if we were to break down below there it’s likely that the market could go towards the ¥800,000 level. The markets will course continue to be very volatile, but that’s nothing new for traders in the crypto currency markets. I still see the ¥1 million level above as major resistance barrier, so if we were to break above there, that would probably send this market much higher. In the meantime, look at short-term pullbacks as value.
BTC/USD Video 24.04.18
This article was originally posted on FX Empire
