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.
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.