Bitcoin fell again last week

BTC/USD

Bitcoin markets fell significantly during the week, breaking down towards the $6800 level. A breakdown below the bottom of the candle for the we could unwind this market down to the $6000 level, an area that has been supportive in the past. However, if we break down below that level the market will more than likely unwind towards the $4000 level, something that I think is a very possible given how horrific the pullback has been. The markets will continue to sell rallies from what I can tell, at least until we can break above the top of the shooting star from the previous candle, somewhere closer to the $9000 level. Ultimately, this is a market broken, and I think that could continue to be the case. It’s not until we unwind the entire bubble that I think we get a longer-term move to the upside. When that happens, who knows?

BTC/JPY

Bitcoin broke down significantly during the week, slicing down through the bottom of the shooting star from the previous week, reaching down towards the ¥735,000 level. The ¥650,000 level should be the target, and perhaps a breakdown below the ¥600,000 level next. If that happens, this market should unwind to the ¥400,000 level. Any rally at this point will need to continue to break above the shooting star from the previous week, meaning that we need to break above the ¥1 million level to start buying. Currently, I believe that every time we rally, we will probably have a lot of selling pressure into this market, pushing things lower at that point.

BTC/USD Video Video 02.04.18