BTC/USD
Bitcoin markets did very little during the day on Wednesday, hovering above the $9000 level, but that’s about it. The market seems to have a lot of noise between here and $10,000 above, so it’s not until we break above the $10,000 level that I think we can pick up any type of momentum. This is a market that should continue to be very quiet today, quite frankly because the jobs number comes out on Friday. While most crypto currency traders hate to admit it, the Forex market does have a massive influence on crypto currency markets, because of the US dollar strengthens, that puts downward pressure on this pair. Because of this, I expect the next 24 hours to be very quiet. However, if we break down below the $9000 level we will probably go to the $8800.
BTC/JPY
This pair continues to hover around the ¥1 million level, which is essentially “fair value” for the market. If we can break above the ¥1,020,000 level, then I think the market could rally towards the ¥1.25 million level, just as a break below the ¥900,000 level would free the market to go down to the ¥700,000 level. We are currently in the middle of the overall consolidation, and I think that will continue to be the case for at least another 24 hours. Once we get the jobs number, then we could get some type of outside influence to push this market.
