Bitcoin Price Forecast – bitcoin fails to hold much of the gains

BTC/USD

Bitcoin rallied a bit during the trading session on Thursday but found enough resistance at the 50 SMA to roll over again. The fact that we cannot hold gains shows just how bearish this market is and I think it will continue to be a “sell the rallies” type of situation. I think that the $6000 level underneath should be massive support, but if we break down below there it’s hard to tell where this market ends up as it would be a very negative turn of events. Short-term rallies continue to be opportunities to short this market. If we did break above the $7000 level, then I could believe in a turnaround.

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BTC/JPY

The bitcoin markets also fell against the Japanese yen after initially rallying, and much like against the US dollar, it continues to find the 50 SMA as resistance. The ¥700,000 level underneath should be supportive, but I think that the markets breaking down below there seems to be all but given at this point. If we get down below that level, then the market probably goes down to the ¥600,000 level. That is an area that is supportive and psychologically important. It should be noted that the ¥700,000 level is a longer-term major support level, so breaking down below there could be the next leg lower. It’s not until we break above the ¥750,000 level that I would be a buyer at this point, as there has been major noise in that area.

BTC/USD Video 15.06.18

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