BTC/USD
Bitcoin markets had a very negative session initially on Monday but have found a bit of support near the vital $9200 level. We have now turned around, and that of course is a very bullish sign as we needed to find support on this pullback. The market has a major resistance barrier in the form of $10,000, and I think it will take several attempts to break above there. The recent pullback has been rather brutal, but I think that it’s only a matter of time before we attempt to break above there yet again. If we do get above the $10,000 level, then the market is ready to go towards the $12,000 level. I think there’s a lot of support down to the $9000 level, so I believe that true believers will continue to pick up Bitcoin every time it dips. It’ll be noisy, but I think we will make another move towards $10,000 over the next couple of days.
BTC/JPY
Bitcoin also fell against the Japanese yen rather significantly during the day, reaching towards the ¥1 million level. Is an area that obviously has a lot of psychological importance to it but bouncing from there is exactly what we had expected, as it’s likely that we will continue to try to go higher, as I believe that the ¥1.1 million is major resistance above, and I think if we can break above there we could go much higher. In general, I think short-term pullbacks will continue to be buying opportunities, and I anticipate that we will continue to see a lot of volatility in this market, as we continue to try to break out to the upside, and perhaps reach towards the ¥1.25 million level. If we break down below the ¥900,000 level, that could be rather negative.
