Bitcoin Price Forecast – sideways action on Tuesday

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Updated: Jun 13, 2018, 06:39 UTC

Bitcoin markets were relatively quiet during the trading session on Tuesday, as there isn’t much in the way of a catalyst right now to move the markets. We have seen a major break down over the weekend, so it makes a lot of sense that the markets may need to take a bit of a break from moving so drastically. Perhaps we are trying to catch our breath, before trying to recoup some of the losses.

BTC/USD

Bitcoin bounced a slightly during the day on Tuesday, only to turn around and show signs of confusion and exhaustion. We have given back the gains, but quite frankly after the recent fall that we have seen, it’s not much to be concerned about. There seems to be a significant amount of support underneath at the $6600 level, so if we were to break down below there, the market would unwind and perhaps reach down towards the $6000 level, an area that has been major support underneath.

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BTC/JPY

Bitcoin rallied a bit during the trading session on Tuesday, reaching towards the ¥760,000 level before rolling over slightly. The market has broken above a significant amount of resistance at the ¥750,000 level, and therefore we could see a continuation of the recovery towards the ¥800,000 level. Otherwise, if we break down below the lows of the ¥730,000 level, the market could probably reach down to the ¥700,000 level which has been the bottom of the longer-term consolidation area, and therefore I think it will be vital to stay above there if Bitcoin is the continue to be viable against the Yen. I suspect that it is only a matter of time before the sellers come back though, so I’m looking to sell signs of exhaustion after short-term rallies.

BTC/USD Video 13.06.18

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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.