Bitcoin rallies on Tuesday, reaching towards $7400

BTC/USD

Bitcoin traders rallied a bit during the day on Tuesday, reaching towards the $7400 level. That’s an area that had previously been support, so it could be a bit of resistance. If we break down below the $7200 level, the market could then go down to the $7000 level, perhaps down to the $6600 level, an area that was supportive in the past as well. I think that the market will continue to be volatile, but I still believe that selling the rallies will be the best way to trade this market. I think that the Bitcoin markets will continue to be volatile to say the least.

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BTC/JPY

the Bitcoin markets also rallied against the Japanese yen, breaking above the ¥775,000 level, an area of minor resistance. However, I think that when we rally, it’s going to be reason to start selling again. The ¥1 million level above is massive resistance, extending to the ¥1.1 million level. I believe that we will eventually find some type of exhaustion that we concert selling, as Bitcoin markets continue to suffer longer-term downward pressure. The ¥675,000 level has recently offered a bit of support, and a breakdown below there could send the market to the ¥650,000 level.

The market will probably break down to ¥500,000 level after that. At this point, I don’t think that the Bitcoin markets will pick up any type of momentum, at least nothing that can be sustained. It’s only a matter of time before the sellers get involved from what I see, so patience might be needed to take advantage of the overall downtrend.

BTC/USD Video 04.04.18

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