Bitcoin markets initially tried to rally during the day on Thursday, but then broke down below the $10,000 level to show signs of weakness yet again. While it is not a massively impulsive sign, it does show the inherent weakness in this market. The area just above $10,000 features a lot of noise, so I think that the area will be difficult to deal with, and I think that a rollover makes quite a bit of sense. I believe that the $8000 level will be the target, and at this point we could find plenty of support down there.
BTC/USD Video 23.02.18
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Bitcoin broke down significantly against the Japanese yen, which is a very important level. I believe that the Bitcoin markets are going to be watching Japan with a lot of interest, as the ¥1 million level is important. I think that if we can bounce in there, then the market should stabilize. However, if we were to break down below the level, and especially the ¥900,000 level, this market could breakdown rather significantly. I think at that point; the bloodbath would begin. Because of this, I’m watching this market very intently, and I think that the next couple of sessions will determine where we go longer term. If we were to turn around and break above the ¥1.3 million level, then I think the market could go much higher, but at this point it’s going to be very interesting to see if we can accomplish that. We are still in a downtrend from the selloff, and it is worth noting that we failed as soon as we hit the first major resistance barrier.
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