The Bitcoin market rolled over during the trading session on Tuesday, as the $12,000 level continues to offer significant resistance. I think that the $12,000 resistance level should continue to be an area that’s going to be difficult to break above. I think that breaking above the $12,000 level should send this market much higher, perhaps to the $14,000 level. In the meantime, I think we are continuing the overall consolidation, and a pullback to the $10,000 level would be a real possibility.
The Bitcoin market pulled back during the trading session against the Japanese yen as well, reaching towards the ¥1.15 million level. I think that the market breaking below the bottom of the 4-hour candle that is forming on the chart should send this market down to the ¥1.1 million level, and then eventually the ¥1 million level. Alternately, I think that if we bounce from here, the market should then go to the ¥1.3 million level which is massive resistance. In the meantime, I think that the market is trading in a ¥300,000 range between those levels, and I think that you need to keep that in mind. The ¥1 million level underneath seems to be massive support, so if we were to break down below there, that would be catastrophic not only for Bitcoin against the yen, but as the yen is such an important pair when it comes to crypto currency trading but could send Bitcoin and other crypto currencies much lower.