Bitcoin markets go sideways on Thursday again

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Updated: May 18, 2018, 06:13 UTC

Bitcoin markets when sideways during the trading session on Thursday, hanging about the recent lows. I think that the market should continue to be choppy at best, and I think that a lot of patients will be needed, but more than likely we are going to need to go lower to find even more support.

BTC/USD

Bitcoin when sideways against the US dollar during trading on Thursday, hanging about the $8200 level. If we can break down below that level, then it’s likely that we will go down to the $8000 level, an area that is much more important from a longer-term standpoint, and therefore I think will be where the market goes to find massive buying. A break down below there would be very negative and send this market down another $1000 level. Rallies at this point will continue to find resistance at the $9000 level.

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BTC/JPY

Bitcoin went back and forth against the Japanese yen during the day on Thursday, trying to build a bit of a base at ¥900,000. That’s an area that has been supportive a couple of times on short-term charts, but quite frankly isn’t important from a longer-term standpoint. Because of this, we could break down below there and go looking towards the bottom of the overall consolidation area, which is the ¥700,000 level. I see significant resistance above in the form of the ¥1 million level, and I believe that we are consolidating overall, and it’s likely that we won’t see much in the way of clarity from a longer-term standpoint, at least not anytime soon. I think that buying the dips could be thought of as value, but quite frankly I think you could be patient and wait for lower levels before putting any money to work.

BTC/USD Video 18.05.18

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About the Author

Christopher Lewisauthor

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.