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Bitcoin markets fall to start the week again

Christopher Lewis
Updated
Bitcoin markets fell a bit during the trading session on Monday again, as the crypto currency markets simply cannot keep gains for a significant amount of time. Because of this, it makes sense that longer-term traders are looking to sell this market, with the major resistance barrier is just above waiting.

BTC/USD

Bitcoin markets fell significantly during the trading session on Monday, opening up the week down roughly 2.5%, after trying to rally during most of the weekend. However, the $8000 level above looks to be very resistive, so I think that the market will probably find sellers sooner, rather than later. I think that the $7000 level would be significant support, and of course a strong target to aim for. $8000 has been very difficult to overcome, and I think that will continue to be the way going forward. Ultimately, I believe that the market is probably going to go looking towards the $6000 level, but if we were to break above the $8000 level, then the market could go as high as $9000 next.

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BTC/JPY

Bitcoin markets broke down significantly during the trading session on Monday against the Japanese yen as well, as the ¥850,000 level has offered a significant amount of resistance. We could be trying to form some type a basing pattern, but really at this point it looks as if we have broken below the uptrend line on the hourly chart. I think the market probably goes down to the ¥800,000 level underneath, which is an area that will attract a lot of attention due to the large, round, psychologically significant number. I think the market probably goes even lower, probably down to the ¥700,000 level below, which is the bottom of the larger consolidation area that the markets have been stuck in.

BTC/USD Video 05.06.18

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This article was originally posted on FX Empire

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