The bitcoin market has gone back and forth during the day on Monday, essentially doing nothing. We are running into a bit of resistance, especially around the $6800 level. The 50 day EMA is just above at the $7000 level, so I think that it’s only a matter of time before we roll over and start grinding a bit lower. I also see a significant amount of support at the $6000 level, so I would not be surprised to see people going back into the market in that area. Nonetheless, longer-term attitudes have been very bearish, and I think we are starting to see that come back into the marketplace itself. I think that overall attitude of this market does not change until we can break above the thousand dollars level, which would take a lot. At this point, it remains very bearish.
Bitcoin did almost nothing against the Japanese yen during the trading session on Monday, as we continue to dance around the ¥750,000 level. There is the 50 day EMA just above, and that of course is something that some technical traders will pay quite a bit of attention to. I believe that the market will probably eventually roll over, and then go looking towards the lows again. However, if we do break above the 50 day EMA, it’s possible that we could grind towards the ¥800,000 level, and then possibly the ¥850,000 level. At this point though, bitcoin looks very soft overall, and I don’t think that changes without some type of outside catalyst. I believe that the ¥700,000 level continues to be a bit of a fulcrum for price, and I think that the market will continue to be attracted to that level overall.
This article provided by NewsEdge.