Bitcoin grinds sideways during the Thursday session

BTC/USD

Bitcoin markets went back and forth during the trading session on Thursday, within upward proclivity and what would have been very quiet trading. The $7800 level underneath should be support, so if we were to bounce from there, that would show that the buyers are becoming even more aggressive. However, if we break down below the $7800 level, the market probably unwinds to the $7200 level. The alternate scenario is that we break above the $8400 level and start reaching towards the $9000 level above. I think there is more of an upward proclivity though, so keep that in mind.

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BTC/JPY

Bitcoin goes back and forth during the session on Thursday against the Japanese yen, showing signs of resiliency and a potential momentum building significance. I believe that the market is probably going to try to break above the ¥900,000 level, perhaps reaching towards the ¥1 million level next. I think there is significant support at the ¥840,000 level underneath, so if we were to break down below there I think that the market probably breaks down to the ¥750,000 level. Ultimately, this is a market that I think is trying to build up a base for a larger move to the upside, but if we broke down below the ¥700,000 level, the market will probably unwind rather significantly. I think pullbacks continue to be short-term buying opportunities for those who have the ability to be that patient. Keep in mind that the crypto currency markets will continue to be highly correlated.

BTC/USD Video 20.04.18

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