Bitcoin tries to rally during the week, but it shows failure yet again
BTC/USD
Bitcoin initially tried to break above the $7000 level during the week, but as you can see based upon the candlestick from the week, we have a lot of bearish pressure. By forming a shooting star at the bottom of a move lower, showing signs of exhaustion. If we can break down below the $6000 level, the market should unwind down to the $4000 level, with the $5000 level offering a bit of psychological support. If we broke above the top of the shooting star, that would be a very bullish sign, perhaps sending this market towards the $8000 level and then the $10,000 level. However, this market shows no signs of strengthening.
BTC/JPY
Bitcoin also tried to rally against the Japanese yen, but by the end of the week ended up forming a very negative candle. By breaking down below the ¥700,000 level, that would send this market much lower, showing signs of a potential move down to the ¥400,000 level. I think at this point, it’s obvious that Bitcoin continues to be a “sell the rallies” market, and I don’t think that’s going to change anytime soon.
If we broke above the ¥1 million level, that would be a very bullish sign, reaching towards the ¥1.25 million level after that. However, I think it’s very difficult to imagine this market rally at this point, and I think that retail money will continue to stay away from Bitcoin in general. Either way, I think the one thing you can count on is a lot of volatility.
BTC/USD Video 09.04.18
This article was originally posted on FX Empire