Bitcoin struggles to maintain gains on Friday

BTC/USD

Bitcoin initially tried to rally during the session on Friday but rolled over to turn towards the $9500 level. If we break down below that level, we probably find support at the $9300 level as well. In general, I think that we should find enough support underneath to continue the bullish pressure that we have seen. However, if we were to break down below the $9300 level, then we could go to the $9000 level, followed by the $8800 level. There is a lot of shakiness in this market, and I think that the best piece of advice is to trade in small increments as the $10,000 level above is massive resistance.

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BTC/JPY

Bitcoin tried to rally during the trading session on Friday but fell at the ¥1,000,060 level. It looks as if we are trying to build up enough momentum to continue going higher, so I think that any pullback from here will be a buying opportunity with the ¥1 million level underneath offering a lot of support. I think that we could eventually go to the ¥1.25 million level, which is the top of the larger consolidation area. Pay attention to the USD/JPY pair in the Forex markets as well, because if it starts to rally it’s possible that the softer Japanese yen could create bullish pressure in this market artificially. I think the Bitcoin is trying to break out to the upside, but obviously there is a lot of work to do against most currencies, including the Japanese yen.

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BTC/USD Video 07.05.18