Bitcoin falls looking for support on Tuesday

BTC/USD

Bitcoin markets fell during the trading session on Tuesday, reaching down towards the $8800 level. That’s an area that is the beginning of support that extends down to the $8600 level, so I think that if we break down below the $8600 level, then we can unwind quite drastically. Otherwise, we could get a bit of a bounce and reach towards the $9500 level above. That’s an area that has been massively resistive, and the beginning of the major resistance barrier that extends to the $10,000 level. It seems that Bitcoin just cannot get enough momentum to take on $10,000 above, so I believe that we are either stuck in consolidation, or ready to fall again.

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BTC/JPY

Against the Japanese yen, Bitcoin fell as well, and it appears like it is ready to test major support below that extends down to the ¥950,000 level. The ¥1 million level course offers a certain amount of psychological importance, but we have broken as high as ¥1,020,000 recently. I think that’s the top of the short-term consolidation, with the previously mentioned ¥950,000 level as support. I believe we stay in this range, but it looks to me like we are struggling quite drastically to break out over here as well, so if we were to clear and fall below the ¥950,000 level, the market will more than likely go down to the ¥900,000 level after that. Expect a lot of volatility, but most certainly a lot of negativity underneath. I believe Bitcoin will continue to struggle in general.

BTC/USD Video 02.05.18

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