Bitcoin rallies during positive Tuesday momentum

It’s red for Bitcoin early on, but hopes of hitting $10,000 remain alive, with Bitcoin avoiding major support levels early on. Rising volumes across the futures market could also now begin to play a hand, the next target for Bitcoin being a move back through to $9,700 levels. · FX Empire

Christopher Lewis

Updated Tue, Apr 24, 2018, 10:32 PM

BTC/USD

The Bitcoin market has rallied significantly during the trading session on Tuesday, reaching towards the $9400 level. That is an area that I think is short-term resistance at bat, and I think that eventually we will probably go to the $10,000 level next which is a major barrier. I think at this point, it looks as if we are trying to break out to the upside for a longer-term move, and those moves typically takes several attempts to happen. Because of this, I think that the market will find plenty of buyers underneath, as it should show value. I believe that the market breaking above the $10,000 level would go much higher, and it frees the market to continue a larger move.

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BTC/JPY

Bitcoin has broken above the ¥1 million level, which of course is a very bullish sign. I think there’s a bit of a range of resistance extending to the ¥1.1 million level, but now that we have broken into that area, I feel that it is only a matter of time before the momentum breaks out to the upside. What I’m saying is that short-term pullbacks are buying opportunities, and we should continue to see the market try to break out, and it will probably need to build up the momentum to do so. I believe that once we clear the ¥1.1 million level, the market will probably go to the ¥1.25 million level next. A break above there continues the longer-term uptrend. I don’t have any interest in shorting now that we have done this.