Bitcoin bounces on Tuesday session

BTC/USD

Bitcoin markets rallied rather stringently during the trading session on Tuesday, breaking above the $7400 level as I record this video. There seems to be a significant amount of resistance extending all the way to at least the $8000 level, so I think it’s only a matter of time before we get an exhaustive candle that we can start selling. That is something that we should take advantage of, because we are in a strong downtrend, and certainly we should not be fighting the overall trend. I think that it is only a matter of time before we go looking towards a more significant support level other than the $7000 handle and based upon the longer-term charts it’s probably to be found closer to the $6000 level.

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BTC/JPY

Bitcoin markets rallied against the Japanese yen during the day on Tuesday, breaking above the ¥800,000 level again. I think that there is more than enough noise just above to continue to keep this market a bit soft, so I’m looking for signs of exhaustion the start selling again. The bottom of the larger consolidation is closer to the ¥700,000 level, so I think it’s only a matter of time before we turn around and start falling again. Overall, I like selling this market at the first signs of exhaustion, as it would be a continuation of the longer-term trend. I believe that the market has far too much to chew through above to continue going higher.

BTC/USD Video 30.05.18

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