Bitcoin rallies towards the highs again on Thursday

BTC/USD

Bitcoin rallied a bit during the trading session on Thursday, as we reached towards the recent highs. I think that the market is trying to break out above the $10,000 level, an area that will cause a significant amount of resistance. I think we will need to make several attempts to do so, if we can. Once we do, the market is likely to go towards the $12,000 level, but right now it looks very likely that the move is going to be difficult to achieve. On the downside, we have plenty of support near the $8800 level, perhaps down to the $8200 level. In general, this is a market that I think will continue to be very choppy and difficult, and most traders will be looking at this as more of an investment than anything else. This is because the volatility will continue to be a major issue.

I believe that we will probably not break out in the next couple of days, so if you are not long already, you may need to wait for a pullback to find the value necessary to go higher. There seems to be a significant support barrier between the $8000 level and the $7800 level, so break down below there would be very negative, and probably send this market much lower. Currently though, it looks like we are trying to build up the necessary momentum for a move higher, so patients should be rewarded.

BTC/JPY

Bitcoin also rallied against the Japanese yen, but it has a significant amount of resistance at the ¥1,020,000 level. If we break above there, then the market goes to the ¥1,060,000 level. Above there, then we go looking towards the ¥1.25 million level. I think there is plenty of support below, especially near the ¥950,000 level.

BTC/USD Video Video 04.05.18