Bitcoin struggles again on Friday

BTC/USD

Bitcoin initially try to rally against the US dollar during the trading session on Friday but ran into a buzz saw of resistance at the $7600 level. By following the way it did, the market probably looks towards the $7000 level underneath, which has been supportive recently. I think that the market will continue to find plenty of sellers, as we continue to see markets roll over every time they make a bit of progress. Ultimately, I think that the US dollar is going to continue to be relatively strong, and that should of course work against this pair strengthening longer-term.

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BTC/JPY

Bitcoin try to rally a bit during the trading session on Friday against the Japanese yen, but then roll over again rather drastically. At this point, it looks as if we could return to the ¥800,000 level, perhaps down to the lows after that. I think that the ¥850,000 level will continue to be resistance, and that the sellers will return every time we get close to that region. If we did break above that level, it’s likely that we could go to the ¥900,000 level next. However, I think the one thing that we can count on is a lot of volatility. This is a market that should continue to be very noisy, especially considering that there is so much in the way of geopolitical concerns, which almost always has money running towards the Japanese yen in the end. I prefer to sell rallies in this pair.

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BTC/USD Video 04.06.18