Bitcoin grinds slightly higher on Thursday

Bitcoin markets rose slightly during the day on Thursday, in a slow, gentle grind to the upside, which is a good sign, because it builds up confidence. There is a little bit of resistance just above, but there’s even more support underneath. · FX Empire

Christopher Lewis

Updated Thu, May 10, 2018, 10:39 PM

BTC/USD

Bitcoin rose against the US dollar in a slow, gentle grind on Thursday, reaching towards the $9400 level. I think there’s plenty of support to the $9500 level, and it’s not until we break above there that I think we are free to go higher. In the short term, I think that there are buyers underneath looking to pick up value as it appears. I believe that the $9000 level underneath is essentially the “floor” in the market, and I think that the market will hold that level every time we reached towards it. I believe that we are trying to build up enough momentum to take out the $10,000 level above, but it may take some time to do so. In the meantime, expect choppy yet slightly positive conditions.

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BTC/JPY

Bitcoin went sideways in general against the Japanese yen, as we digest gains above the ¥1 million level. It looks as if the ¥1,030,000 level is offering short-term resistance, but I do think that we will eventually break above there. There seems to be a significant amount of support underneath that the ¥990,000 level, and therefore think short-term pullbacks will be looked at as buying opportunities, especially considering that the Japanese yen has been falling a bit in the Forex markets. Because of this, I like the idea of buying dips in small bits and pieces and building up a position as we clear each barrier above. This market continues to respect the ¥1 million level as a general area of fair value.