Bitcoin falls again during Monday session

The Bitcoin markets fell during the trading session on Monday as liquidity may have been a bit of an issue with the Americans away for Memorial Day celebrations, it this of course has an influence on what happens in the markets. I believe that rallies are to be sold though, and that the $8000 level now will form a major barrier that will be difficult to break. · FX Empire

Christopher Lewis

Updated Mon, May 28, 2018, 9:56 PM

BTC/USD

Bitcoin fell initially during the trading session on Monday as the Americans were away for the Memorial Day holiday. We have bounced since then, but quite frankly I’m not impressed, as I see a lot of potential resistance barriers at different levels extending to at least the $8000 level. Longer-term charts suggest that we are going to go towards the $6000 level underneath. Because of this, I don’t have any interest in going long, as I think we need to form some type of longer-term bottom or supportive candle before buying can be done.

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BTC/JPY

Bitcoin also fell against the Japanese yen as one would expect, with the ¥800,000 level offer and a bit of support. I think that the market will probably continue to be one that shows bearishness, and I think that every time we rally you should be looking for an opportunity to start selling. Longer-term, I believe that we are going to go down to the bottom of the overall consolidation area, with the ¥700,000 level being the support that the market looks for. The ¥1 million level above is the ceiling right now, and I think that it would take an extraordinarily strong mood to finally break above there. If we do break down below the ¥700,000 level, the market could unwind rather rapidly to the ¥600,000 level next. Beyond that, keep in mind that if there is a geopolitical shock, that tends to put money towards the Japanese yen as well.