Bitcoin markets very jittery during the week

BTC/USD

Bitcoin markets went back and forth during the course of the week, showing signs of hesitancy. The markets continue to be very noisy, and undecided. I believe that the market should continue to go lower, but we may get a short-term bounce in the meantime. The $8000 level above should be resistance, so even if we rally from there I think it’s only a matter of time before the sellers come back in. I think that the $6000 level underneath is a target. That’s a major “floor” in the market, so if we break down below there it’s likely that we will continue to go much lower.

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BTC/JPY

Bitcoin also formed a neutral candle against the Japanese yen, essentially doing nothing. Bitcoin will continue to struggle in general, as there is a lot of concern around the world. The Japanese yen is considered to be a safety currency, so if geopolitical concerns pick up again, it’s likely that we will continue to see this market struggle. I think that the market has shown itself to have plenty of support at the ¥700,000 level, so it’s not a huge surprise that we would find buyers just above it. If we can break below the ¥700,000 level, this market will come on wound. Otherwise, we could go as high as ¥1 million in the short term, but I think it would be just that, short-term move based upon the fact that we have been making lower highs for some time. I anticipate that this will be a very noisy market.

BTC/USD Video 04.06.18

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