BTC/USD

Bitcoin markets broke down a little bit during the session on Friday, losing over 2% as the jobs number came out. It looks as if the $6000 level below will be important, and if we can break down below there I think we unwind rather significantly. Alternately, if we bounce from here we could reach towards $8000, an area that has a certain amount of psychological resistance to it. I continue to sell the rallies and Bitcoin, it has no forward momentum. When you look at this chart, you could make a large descending triangle that essentially has this market looking for zero. I don’t know that’s going to be the case, but clearly the bubble has burst, and selling is the easiest way to go.

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BTC/JPY

Bitcoin rolled over a bit during the trading session on Friday against the Japanese yen as well, reaching towards the ¥710,000 level. The ¥700,000 level underneath is support as well, and I think it’s at that point that we could start selling, after the break down. However, rallies should continue to be a selling opportunity, as the Japanese yen has shown its resiliency against Bitcoin, and the Japanese regulators have closed a couple of exchanges after a serious hack. Even more telling is that the Japanese yen continues to strengthen against Bitcoin as it has gotten pummeled on Friday against several other fiat currencies. I believe that if we rally, look for signs of exhaustion to take advantage of to the short side. Otherwise, wait for the break down and start shorting there.

BTC/USD Video 09.04.18

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This article was originally posted on FX Empire

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