Bitcoin has choppy session on Friday
BTC/USD
Bitcoin bounce back and forth against the US dollar during choppy trading on Friday, losing just a tiny bit. However, the $9400 level above should be resistance, and if we can break above there I think that the market will probably go looking towards the $9800 level next. A break above that level should send this market towards the $10,000 level. Ultimately, there is more than enough support underneath to keep the market higher, but I recognize that the $9000 level underneath would be support, just as the $8800 level would be. I think that the market will continue to be one that you need to pay attention to and use small positions in. Looking at this market, I think that adding to a winning position is probably the only way to go. Do not put too much into this market at once.
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BTC/JPY
Bitcoin markets initially tried to rally during the trading session on Friday, but then rolled over to test the ¥1 million level. That’s an area that should be supportive, but if we break down below there we could drop down to the ¥950,000 level. This is a market that continues to be very noisy, and I think that the Bitcoin against the Japanese yen market is one of the most important ones to follow, as it gives you the impression of what 40% of the Bitcoin market will do. After all, with Japan being such a major player, it makes sense that this pair is when you should be watching. A breakdown below the ¥900,000 level would be very negative, perhaps sending this market as low as ¥700,000. In the short term, I think that we will probably continue to try to rally.
BTC/USD Video 30.04.18
This article was originally posted on FX Empire
