BTC/USD
Bitcoin fell slightly during the trading session on Monday, but keep in mind that the Americans were away for the Memorial Day holiday. The bitcoin market continues to look very soft regardless, so although it has been low-volume on Monday, it’s just more of the same. We lost roughly a $120 during the day as I record this, so I think we are likely to go down to the $7000 level, and then possibly the $6000 level after that. Rallies at this point are to be sold on signs of exhaustion, but I think that the markets continue to suffer from a simple lack of interest. Quite frankly, I don’t think that anybody is overly excited about the market, which in the end could be a good thing. At this point, I believe we will go looking towards the bottom of the markets, perhaps reaching down towards the $6000 level.
BTC/JPY
Bitcoin fell during the trading session on Monday, breaking below the ¥800,000 level. The market should continue to go a bit lower from here, and I think we will find support down that the ¥700,000 level. That is the bottom of longer-term trading and consolidation, so keep that in mind. However, we have failed it to rally the way that we needed to in order to show signs of life. Because we could not reach the highs again of the consolidation area, that leads me to believe that eventually the sellers will break this thing down. Breaking down below the ¥700,000 level opens the door to the ¥600,000 level eventually. Currently, I don’t have any interest in buying this pair as it looks to be a bit too negative recently.
