BTC/USD
Bitcoin markets initially tried to rally during the week but given back most of the gains and ended up forming a bit of a shooting star. This is a market that has been struggling for some time, and it now looks as a $9000 level is going to continue to offer resistance now as well, taking place of the previous $10,000 handle. With that being the case, I think that if the market breaks above 10,000, then it can be bought, perhaps to the $12,000 handle, but until then I don’t have any interest in trying to buy this market from a longer-term standpoint.
BTC/USD Video 26.03.18
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BTC/JPY
Bitcoin markets rallied initially during the week but continue to find the ¥1 million level as resistance. By turning around in forming this shooting star, it shows that the market simply doesn’t have much in the way of upward momentum. I think the market is going to continue to be very quiet and slightly limp, so longer-term traders will need to be very patient if they are indeed bullish for the longer-term move. I think that we could very easily pull back from here though, especially considering that we formed a shooting star for the week, and a breakdown below the ¥800,000 level sends this market looking towards the ¥650,000 level next.
The alternate scenario of course is that we break above the ¥1 million level, which I see as resistance extending to the ¥1.1 million handle. Once we clear that area, then I think we could go to the 1.3 million level. However, that looks very unlikely at this point.
