Bitcoin pulls back during week, only to find buyers

BTC/USD

Bitcoin markets initially fell during the week, reaching below the $8000 level but have turned around to form a bit of a hammer. This is a very bullish sign, and I think that we could go looking towards the $9000 level, and then eventually the $10,000 level. However, we have a shooting star from a month ago that could offer a bit of resistance, so although I think that we go higher, it’s going to be a very choppy road to get to $10,000. If we break down below the bottom of the candle for the week, then we probably go back towards the $7400 level again.

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BTC/JPY

The Bitcoin market pulled back against the Japanese yen initially during the week as well but turned around to form a hammer. If we can break above the top of the hammer I think we will then go to the ¥1 million level next. Ultimately, if we can break above there, the market should go to the ¥1.25 million level. That is an area of major resistance. If we can finally break above that level, then the market is more than likely going to go much higher. I believe that the ¥700,000 level offers a bit of a floor, and if we were to turn around a breakdown below that level, that would be extraordinarily negative. It looks to me as if Bitcoin is trying to make a stand here, and perhaps try to build another uptrend. However, I suspect that any rally from here will not be like the one we saw last year, which quite frankly is a good thing.

BTC/USD Video 23.04.18

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This article was originally posted on FX Empire

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