BTC/USD
Bitcoin markets rallied slightly during the trading session on Wednesday, as we continue to see the market stands around the $8100 level. We gained about 2%, which of course is a very bullish sign. I think that the market will probably continue to be very choppy, but if we can break above the $8200 level, then the market will more than likely go looking towards the $9000 level, followed by the $10,000 level. I believe there is significant support below at the $6000 level though, so I think essentially, we are in a consolidation phase, and therefore we could continue to see a lot of noise going back and forth. However, we are essentially in the middle of this area, so I would prefer to buy on the dip, or sell signs of exhaustion closer to the $10,000 level. If you are a longer-term trader, you might be a little bit more forgiving in your injuries, buying to build up a larger position.
BTC/JPY
Bitcoin markets also rallied during the trading session against the Japanese yen during the day. I believe that the ¥1 million level above is massive resistance that extends to the ¥1.1 million level. I believe that the ¥700,000 level underneath is massive support, and therefore I feel that we are going back and forth in a relatively small range, I believe that the middle of the range is where we find ourselves, and I think that the market is probably best dealt with on dips or perhaps selling exhaustion. If we can break above the ¥1.1 million level, then I think we could go to the ¥1.25 million level. I believe that paying attention to this market could give you an idea as to where other crypto currency markets go as well.
