Bitcoin markets rallied a bit during the trading session on Tuesday, reaching towards the $11,000 level above. I believe that we have a lot of noise between $10,000 on the bottom, and the $12,000 level on the top. I believe that the markets continue to find a significant amount of noise in this region, but I think that the overall support at the $10,000 level looks likely to hold, least in the short term. I believe that given enough time, we will go looking towards the $12,000 level. If we get above there, the market should continue to go much higher from a longer-term move. I believe that we are consolidating, perhaps trying to build up enough momentum to finally go higher.
Bitcoin has rallied a bit during the trading session on Tuesday, reaching towards the ¥1.15 million level. I believe that the market has plenty of support at the ¥1 million level underneath, so I think pullbacks will have plenty of support underneath. Eventually, I think that the market goes to the ¥1.3 million level above, which is a massive resistance. I believe that the market continues to struggle in general, but eventually will break above that resistance barrier. Pay attention to what happens in Japan, it leads the way going forward. If we break down below the ¥1 million level, the market would unwind rather significantly. In general, I do believe in the upside longer-term, but we have a lot of work to do. If we do break above the ¥1.3 million level, I think that it becomes more of a “buy-and-hold” market.