Bitcoin markets fall yet again on Friday
BTC/USD
Bitcoin fell again during the day on Friday, reaching towards the $7300 level. The markets continue to favor the downside as the US dollar has been the strongest fiat currency that I follow, and I think that the market rallying gives you an opportunity to pick up the greenback “on the cheap.” I think that we will more than likely go towards the $7000 level, and then the $6000 level as it is a major support level. If we break down below there, it’s likely that this market will unwind rather drastically. Currently, it looks as if the $8000 level will offer a major “ceiling.”
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BTC/JPY
Bitcoin fell significantly during the trading session on Friday, reaching towards the ¥800,000 level. If we break down below there, then the market more than likely goes down to the ¥700,000 level. The ¥700,000 level is the bottom of the overall consolidation that we have been in for some time. If we were to break down below there, then the market would drastically unwind and fall apart rather rapidly. I think that we will more than likely see some type of support there to cause a bounce, but currently it looks as if the crypto currency markets are falling apart. I believe that the ¥1 million level is now the “ceiling” in the market, and it should not be lost on traders that we have not been able to reach the top of the longer-term consolidation this last rally. Because of that, that’s a very negative sign.
BTC/USD Video 28.05.18
This article was originally posted on FX Empire
