BTC/USD
Bitcoin fell a bit during the trading session on Thursday, reaching as low as $7700. We have bounced enough to form what could be a hammer on the daily chart, but I think given enough time we will find plenty of sellers above. Ultimately, I think that the pair still is a “sell the rallies” situation, and I think that the market participants will be more than willing to take any gains that they get at the first sign of trouble. Also, there are a lot of traders out there who are probably going to be underwater, so if we can get back some of their losses, they will take advantage of that as well. Alternately, if we break down to a fresh, new low, this will be very negative.
BTC/USD Video 16.03.18
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BTC/JPY
Bitcoin also fell against the Japanese yen initially during the trading session on Thursday but found enough support underneath to turn around and reach towards the ¥900,000 level. If we can continue to go higher, we could test the ¥1 million level again, but I think there’s can be enough resistance in that region to have sellers come back. We are going to form a hammer on the daily chart if we can stay in this range, and that of course is a bullish sign. At the end of the day though, I think that there’s far too much work for the market to continue to go higher from here. I remain bearish but recognize the next day or 2 could be bullish.