Bitcoin show signs of strength again on Friday

BTC/USD

Bitcoin markets rallied significantly during the trading session on Friday, gaining over 2.5% against the US dollar. The market has reached higher to make a fresh, new high, reaching towards the $8500 level. I think that the market will probably continue to go towards the $10,000 level but there is a lot of noise between here and there. I believe that the market continues to offer value on dips, but if we were to break down below the $7800 level, we would probably unwind to the $7000 level. I anticipate that Bitcoin will continue to wipe out a lot of the losses, and that we will have a massive battle on our hands near the $10,000 level. In the short term, it looks as if we will continue to find buyers.

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BTC/JPY

Bitcoin also rallied against the Japanese yen as well, making a fresh, new high also. I think that the market is going to march towards the ¥1 million level above, which is a large, round, psychologically significant number. If we can break above that level, then the market is probably free to go to the ¥1.25 million level. Short-term pullbacks are buying opportunities and I believe that the ¥840,000 level is the short-term “floor” in the market. I believe that the absolute floor for the longer-term is closer to the ¥700,000 level, so it’s not until we break down below there that I think this market would collapse. I think that pullbacks should continue to offer value, and the fact that the Japanese yen is being sold off in the Forex world will continue to put upward pressure here as well.

BTC/USD Video 23.04.18

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