Bitcoin markets rallied a bit during the trading session on Wednesday, reaching towards the $9000 level against the US dollar, as we are now testing significant resistance just above.
Bitcoin rallied a bit during the trading session on Wednesday, reaching towards the $9200 level. We have broken above the $9000 level, so that’s a bullish sign but I think it’s only a matter of time before we get a bit of a push back. I see a lot of noise between here and $10,000 above, so if you cannot handle volatility, this will be the place to be. If we pull back from here, I think that the $8500 level could offer support. A breakdown below the $8400 level resumes the downtrend. Alternately, we could go higher, but I think $10,000 above is a major level to deal with. Any signs of exhaustion should be selling opportunities just waiting to happen between here and there, but if we were to break above the $10,000 level, it’s a very bullish sign. I think there is a lot of noise between here and there, so I would be very cautious about going long.
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Bitcoin markets also rallied against the Japanese yen, as we are getting close to the ¥1 million level. If we can break above there, we need to deal with resistance going to the ¥1.1 million level, so it’s not until we break above there that I’m comfortable buying. I think we are far too close to resistance to jump in right now, as it could be a good way to be on the wrong side of the trade. If we break down below the ¥100,000 level, that would be very negative. I think that we are essentially at a major decision point, so putting money into this market is probably difficult.
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.