Yahoo Finance Bitcoin Price Forecast – sideways action on Tuesday
BTC/USD
Bitcoin bounced a slightly during the day on Tuesday, only to turn around and show signs of confusion and exhaustion. We have given back the gains, but quite frankly after the recent fall that we have seen, it’s not much to be concerned about. There seems to be a significant amount of support underneath at the $6600 level, so if we were to break down below there, the market would unwind and perhaps reach down towards the $6000 level, an area that has been major support underneath.
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BTC/JPY
Bitcoin rallied a bit during the trading session on Tuesday, reaching towards the ¥760,000 level before rolling over slightly. The market has broken above a significant amount of resistance at the ¥750,000 level, and therefore we could see a continuation of the recovery towards the ¥800,000 level. Otherwise, if we break down below the lows of the ¥730,000 level, the market could probably reach down to the ¥700,000 level which has been the bottom of the longer-term consolidation area, and therefore I think it will be vital to stay above there if Bitcoin is the continue to be viable against the Yen. I suspect that it is only a matter of time before the sellers come back though, so I’m looking to sell signs of exhaustion after short-term rallies.
BTC/USD Video 13.06.18
This article was originally posted on FX Empire
