Bitcoin rallies a bit during the Thursday session

BTC/USD

Bitcoin had a bouncy session on Thursday, using the $6600 level as support. Ultimately, it looks as if we are trying to form some type of basing pattern and have a significant rally. However, I see more than enough resistance above to keep this market down, so I look at these rallies as an opportunity to take advantage of higher prices that we can sell. The $7500 level above should be massively resistive, just as the 6600 level has offered so much in the way of support. In general, I believe that Bitcoin markets will continue to find plenty of reason to fall.

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BTC/JPY

Bitcoin also rallied against the Japanese yen a bit, after pulling back towards the ¥700,000 level. The ¥700,000 level should be a bit of a “floor” in the market, perhaps trying to bounce and reach towards the ¥800,000 level. However, I think that the market is more likely to sell off every time there is signs of strength and more importantly, exhaustion. I look to take advantage of that exhaustion, so I can go with the longer-term, which has been so strong to the downside. If we break down below the recent lows, I think that the market then could very well unwind towards the ¥600,000 level next. It’s not until we break above the ¥1 million level that I suspect it will show a significant chance of going higher for the longer-term. In the meantime, the easiest trade has been too short these rallies.

BTC/USD Video 06.04.18

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