Bitcoin slightly positive on Tuesday

Bitcoin markets rallied a bit during the Tuesday session, but I think that the market has a significant amount of resistance just above, so although it does look like we are trying to build up a bit of bullish pressure, the reality is that we have a lot of work to do to continue to the upside. · FX Empire

Christopher Lewis

Updated Tue, May 15, 2018, 10:59 PM

BTC/USD

Bitcoin rallied during the Tuesday session, reaching towards the $8800 level, the scene of the bottom of the range that was highlighted by the $9000 level. I think that $9000 level above is massively important, so if we were to break above that level the market could then go to the $9400 level, and possibly even eventually go to the $10,000 level which is massive resistance. When we pulled back from here, it’s likely that the $8500 level will cause a bit of support, just as the $8300 level underneath there would be supported.

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BTC/JPY

Bitcoin rallied a bit during the trading session on Tuesday, reaching towards the ¥965,000 level. I believe that there is a significant amount of resistance above at the ¥1 million level, but I also understand that the ¥1 million level is essentially “fair value” when it comes to the overall consolidation of the pair, with the ¥700,000 level on the bottom being supportive, while the ¥1.25 million level above it has been massive resistance. I think it will continue to be very noisy, but keep in mind the 40% of bitcoin transactions happen in Japan, so of course this is a very important pair to watch. If we are to break out of this consolidation, that could be a very important move just waiting to happen, and then obviously we can follow it. I think we get a short-term pullback, with another attempt to reach towards the ¥1 million level.