BTC/USD

The Bitcoin markets have rallied a bit during the session on Thursday, as traders continue to go back and forth. I believe we are trying to build up momentum for the move higher, but we need to clear the $12,200 region to continue the uptrend. I believe that area is going to be very resistive, so I think that the momentum necessary probably needs to be built over several times. I believe the markets will eventually break above there and continue to go much higher, perhaps reaching towards $13,000 and then $15,000 after that. If we break down below the $9400 level, that would be an extraordinarily negative sign, and at that point I would anticipate the Bitcoin were to roll over and go down to the $8000 level after that. Ultimately, this is a market that will continue to be volatile, so I would be small with my trading position.

BTC/JPY

The Bitcoin market also rallied against the Japanese yen during the trading session on Thursday, testing the top of the shooting star that formed on Wednesday. I think that if we can break above the ¥1.2 million level, we would probably go looking towards the ¥1.3 million level for resistance. If we can break above there, the market should then continue to go even higher. I believe that the overall sideways action of this market will continue, with ¥1 million underneath being crucial for support. I believe that the market continues to jump around and shop quite a bit during the overall accumulation, and I think that if we can break above the ¥1.3 million level, that should probably bring in fresh money. Until then, I would anticipate a lot of noise, and therefore would be cautious. If we were to break down below the ¥1 million level, that would be a very negative sign.

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