BTC/USD
The bitcoin market against the US dollar was slightly positive during the trading session on Wednesday, gaining the 0.75% as I record this video. That’s a far cry from what we had seen in the past, as some days were 15% gains. With this in mind, I think it’s very important that crypto currency traders understand that those days are gone, and they are more than likely not coming back. This is because institutional money is now involved, which means that they will simply leave the market if it gets to be a bit too noisy. Structurally speaking, the $6000 level continues to be very important, as it is the bottom of the larger consolidation area. We had formed a hammer during the day on Sunday, and if we can break below that level, I think the sellers come in again. Otherwise, a short-term rally should be a nice selling opportunity as well.
BTC/JPY
Bitcoin initially fell against the Japanese yen during the day on Wednesday but did turn around of form a hammer. The hammer of course is a bullish sign, but we are below the ¥700,000 level, an area that was been important more than once over the longer-term. I believe that now that we are below the bottom of the overall consolidation area, I think that it’s very likely that we will continue to see a bearish pressure eventually. If we do rally from here, it’s not until we break above the ¥850,000 level that I would be comfortable buying, as I believe that we are certainly struggling to sustain any gains. Truthfully, there’s no sign on this chart that we are going to be strengthening anytime soon, and I don’t even know what would change that currently.
