The Bitcoin market went sideways during the trading session on Monday as we continue to struggle with the idea of $12,000 above. If we can break above that level, the market could go much higher, it’s likely that we will continue to go even higher than that. The market needs to break above that level to bring a lot of money back into the market, and with that being the case, the market will more than likely be in a “wait-and-see” type of situation. I believe that the market will continue to find buyers underneath, but I think that a break below the $10,000 level would be massively bearish going forward.
With 40% of the Bitcoin volume in the world coming out of Japan, it makes sense that you should be paying attention to this market. I think that the ¥1.3 million level above should be resistance, so I think if we can break above there, the market should continue to go much higher, perhaps reaching towards the ¥1.5 million level. If we break down below here and see the ¥1 million level being broken through, that would be a very negative sign and probably continue the bearish pressure that we had seen after the recent meltdown. I think that the market continues to bounce around in this ¥300,000 range that we find ourselves and, at least until we get some type of fundamental reason to either go higher or lower. Currently, it looks as if there is a bit of tenacity to the upside, but we don’t have the volume to make the larger move.