Bitcoin continues to fall

BTC/USD

Bitcoin fell significantly during the day, losing 6% by the time the Americans got on board. The market cannot seem to find solid ground, and because of this it makes sense that we will continue to favor selling rallies as Bitcoin has shown no strength of significance lately. The market has a certain amount of support near the $7200 level, but it is likely that we may even break down below there. If we get US dollar strength in the Forex markets, that could be just enough to cause that breakdown. Rallies at this point should be considered to be “relief rallies”, and I expect that the $8000 level will be very difficult to break above.

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BTC/JPY

Bitcoin broke down against the Japanese yen as well, which of course is significant as 40% of Bitcoin trading occurs in Japan, and Bitcoin is the largest crypto currency. This has a massive effect on several other markets as well, so I use it as a bit of a harbinger as to how the day is going to go. As the Japanese yen strengthen against the digital currencies, that is a very negative sign, because the Japanese yen isn’t exactly strong against normal currencies. We are approaching the ¥800,000 level, that’s an area that I think extends down to ¥780,000 for support. If we were to break down below the bottom of that range, the market will probably continue down to the ¥650,000 level. Just as against the US dollar, I suspect that any bounce at this point is going to be a reason to start selling again.

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BTC/USD Video 30.03.18