Bitcoin markets fell a bit during the trading session on Monday again, as the crypto currency markets simply cannot keep gains for a significant amount of time. Because of this, it makes sense that longer-term traders are looking to sell this market, with the major resistance barrier is just above waiting.
Bitcoin markets fell significantly during the trading session on Monday, opening up the week down roughly 2.5%, after trying to rally during most of the weekend. However, the $8000 level above looks to be very resistive, so I think that the market will probably find sellers sooner, rather than later. I think that the $7000 level would be significant support, and of course a strong target to aim for. $8000 has been very difficult to overcome, and I think that will continue to be the way going forward. Ultimately, I believe that the market is probably going to go looking towards the $6000 level, but if we were to break above the $8000 level, then the market could go as high as $9000 next.
Bitcoin markets broke down significantly during the trading session on Monday against the Japanese yen as well, as the ¥850,000 level has offered a significant amount of resistance. We could be trying to form some type a basing pattern, but really at this point it looks as if we have broken below the uptrend line on the hourly chart. I think the market probably goes down to the ¥800,000 level underneath, which is an area that will attract a lot of attention due to the large, round, psychologically significant number. I think the market probably goes even lower, probably down to the ¥700,000 level below, which is the bottom of the larger consolidation area that the markets have been stuck in.
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.