BTC/USD
Bitcoin rallied a bit during the trading session on Monday to kick off the week in a bullish fashion. We are up over 4.4% as I record this video and seem to be approaching the $6800 level. That’s an area that could cause a bit of resistance though, as we had seen so much in the way of selling pressure just a few days ago, and of course the 50 EMA is there. The $6800 level could be difficult to crack, but if we do I think the market then goes looking towards the $7500 level above, where we had seen a lot of supply come into the market there as well. If we cannot break above the $6800 level, then I think the market goes down to the $6000 level again, where I would expect to see buyers reenter the market. I think we are going to continue to see a lot of choppiness in this general region.
BTC/JPY
Bitcoin also rallied against the Japanese yen, and as I record this looks likely to reach towards the ¥750,000 level. I think if we can break above the 50 day EMA, the market will probably continue to go higher, perhaps reaching towards the ¥825,000 level, maybe even ¥850,000 after that as it is a scene where a lot of sellers came into the market. If we cannot break above the 50 EMA clearly, I think that we will probably pull back towards to the ¥700,000 level, maybe even as low as ¥650,000 after that. I think at this point, it looks as if the market is trying to form a bit of a bottom, so if you are a longer-term trader this might be a nice opportunity. However, I would expect a lot of noise in this market as well.
