BTC/USD
Bitcoin went back and forth against the US dollar during the trading session on Thursday, showing a bit of indecision near the $8800 level. It looks now that the $9000 level will offer a bit of resistance, followed by the $9200 level. Otherwise, if we continue to go lower, I think we will probably go down to the $8400 level underneath, which is even more supportive than the area that we are in now. I believe that we will eventually go higher though, as the $10,000 level is a longer-term target. That is an area that is resistance and will take several attempts break above.
BTC/JPY
Bitcoin went back and forth against the Japanese yen as well, using the ¥950,000 level as support as we have seen a bit of support in this area. I think that the market has a significant barrier at the ¥1 million level above, so we can break above there the market is probably going to continue the uptrend. I think that pullbacks from here should find plenty of support near the ¥900,000 level as well. I believe that short-term pullbacks are buying opportunities, as we continue to go back and forth trying to build up the necessary momentum to go higher. If we break down below the ¥900,000 level, then the market could go much lower, perhaps to the ¥800,000 level after that. I think Bitcoin is going to continue to be very noisy, but I believe that there is more upward pressure than down.