Bitcoin rallied a bit during the trading session on Wednesday, and what most certainly would have been a bit of a liquid as the Americans were focusing on Independence Day. However, we have rallied a little bit, gaining over 3% as I record this. The market is heading towards the 50 EMA, and that could cause a bit of resistance. The $6000 level underneath has offered a lot of support in the past, and it looks as if it’s trying to do so now. However, I believe that it is only a matter of time before the sellers return so I am more than willing to sell signs of exhaustion in this market, as I believe $7000 will be massive resistance, but if we broke above there, the market could very well go to the $8000 level.
Bitcoin also rallied against the Japanese yen as you would expect, but still remains below the important ¥750,000 level, and of course the 50 day EMA. If we can clear the 50 day EMA, it’s possible that we may go looking towards the ¥800,000 level, and then possibly beyond that to the ¥850,000 level. I believe that if you are patient enough, you should have plenty of opportunities to short this market, based upon the first signs of exhaustion. I believe that the market continues to be very negative overall, so I think that it’s only a matter time before we get involved to the downside, and therefore I’m going to be very patient during this bounce. It’s not until we clear the ¥850,000 level that I am truly impressed with the ability for the market to go higher.
This article provided by NewsEdge.