Bitcoin fell again during the Tuesday session as crypto currencies continue to suffer. Ultimately, this is a market that is probably looking for major support underneath, which we are not at currently, so I think that the markets will see more bearish pressure in the short term.
Bitcoin markets fell significantly during the trading session on Tuesday, reaching down towards the $8150 level before showing signs of slowing down. I think that the market will continue to go even lower though, reaching down to the $808,000 level. That’s an area that should be rather supportive, and I think that there will be a lot of buying interest in that area. However, if we were to drop below the $7950 level, that could unwind this market rather drastically, perhaps sending it down to $7000 in the short term. Rallies at this point I think will be short-term trading opportunities at best. The $9000 level has now become the “ceiling” of the overall market.
Bitcoin markets fell during the trading session on Tuesday, reaching below the ¥920,000 level. The market has a significant amount of support at the ¥900,000 level, but the larger consolidation area has a much more important support level closer to the ¥700,000 level. Market participants continue to be a bit jittery as well, but it looks as if the overall attitude of Bitcoin is to go to the downside more than anything else. Ultimately, this is a market that I think will struggle to get above the ¥1 million level, as it is a large come around, psychologically significant figure, and of course structural resistance now as we have failed here more than once. This is probably the most important level on the longer-term charts as well. Expect volatility, with the downward slant in general.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.