Bitcoin markets rallied a bit during the trading session on Tuesday, reaching to higher level yet again. I think that short-term pullbacks continue to be a buying opportunity, as it looks like we are reaching towards the highs that we have seen lately.
The Bitcoin market has rallied significantly during the trading session on Tuesday, reaching towards the $9400 level. That is an area that I think is short-term resistance at bat, and I think that eventually we will probably go to the $10,000 level next which is a major barrier. I think at this point, it looks as if we are trying to break out to the upside for a longer-term move, and those moves typically takes several attempts to happen. Because of this, I think that the market will find plenty of buyers underneath, as it should show value. I believe that the market breaking above the $10,000 level would go much higher, and it frees the market to continue a larger move.
Bitcoin has broken above the ¥1 million level, which of course is a very bullish sign. I think there’s a bit of a range of resistance extending to the ¥1.1 million level, but now that we have broken into that area, I feel that it is only a matter of time before the momentum breaks out to the upside. What I’m saying is that short-term pullbacks are buying opportunities, and we should continue to see the market try to break out, and it will probably need to build up the momentum to do so. I believe that once we clear the ¥1.1 million level, the market will probably go to the ¥1.25 million level next. A break above there continues the longer-term uptrend. I don’t have any interest in shorting now that we have done this.
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.