The Bitcoin market has rallied a bit during the day on Monday, gaining about 5% as I record this. However, I think we are in a massive consolidation area that extends to roughly the $12,000 level, so I think that’s an area that we need to clear to get more momentum. While we do have an upward proclivity, we don’t have is a lot of volume, so therefore it’s going to be difficult to break out until we get that. The US dollar has been struggling in general, so that of course has helped as well. If we break below the $10,000 level, that could be a sign that we are rolling back over. I’ve been saying this for days, I believe that the market is in a very interesting place that could determine the longer-term viability of Bitcoin.
And what I believe is going to be the leader of the crypto currency markets going forward, the Japanese yen related measurement has significant resistance near the ¥1.2 million level, and therefore it doesn’t surprise me if we drift a little lower from here. Today, Monday that is, has been a bit positive, but I see a lot of noise in this general vicinity, and therefore I think that we are probably going to need a bit of a pullback to continue the longer-term uptrend. If we were to break below the ¥1 million level, this market could roll over rather drastically.