BTC/USD

Bitcoin markets have rallied slightly during the trading session on Friday, using the $8000 level as support. Ultimately, if we break down below the lows of the session, the market will probably go down to the $7000 level next, and it must be stated that the weekly chart looks very soft as well. Because of this, it looks very likely that the market will continue to be negative overall, but a short-term bounce could give us an opportunity to sell at higher levels or signs of exhaustion. The $8500 level is short-term resistant, followed by $9000 been massive in the way of a “ceiling” in the market.

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BTC/JPY

Bitcoin rallied against the Japanese yen as well, but I believe is going to find a bit of resistance just above. Because of this, I anticipate that the market participants will sell at the first signs of exhaustion, and it now appears that the bitcoin markets are going to struggle and roll over at this point. I believe that the market will probably go looking towards the ¥800,000 level, and then perhaps even lower to the ¥700,000 level which is the bottom of the overall consolidation area that we have been paying attention to for quite a while. If we were to break down below that level, we would not only break the consolidation, but we will have cleared the bottom of the massive weekly uptrend line. I believe at this point the sellers are starting to run the show again.

BTC/USD Video 21.05.18

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This article was originally posted on FX Empire

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