Bitcoin markets rolled over during the trading session during the day on Monday, breaking below the $8100 level. I think that the market will go down to the $80,000 level next, and then perhaps down to the $7000 level. The market has been struggling for some time, and currently it looks as if it isn’t going to change anytime soon. Rallies of this point will continue to attract sellers from what I see, and I think that it’s going to take a lot to turn this market around. It’s not until we break above the $10,000 level that I feel the buyers will start to gain the upper hand. The market has been losing volume, and quite frankly far too many retail traders are underwater to get involved again.
Bitcoin markets rolled over during the trading session on Monday, as the Japanese yen gain strength against the crypto currencies. Ultimately, the market should pay attention to the idea that the Japanese yen is strength in against Bitcoin, when the Japanese yen is losing strength against traditional currencies. In a situation where the Japanese yen is weakening in the Forex markets, the fact that Bitcoin can’t gain against it says everything you need to know.
It looks as if we are going to target the ¥800,000 level, and then perhaps down to the ¥700,000 level. Rallies at this point are selling opportunities, at least until we were to break above the ¥1 million level, and perhaps even the ¥1.1 million level. Expect a lot of volatility, but most certainly negativity.