BTC/USD and BTC/JPY Forecast - 17 July 2018

BTC/USD

Bitcoin rallied a bit during the trading session on Monday to kick off the week in a bullish fashion. We are up over 4.4% as I record this video and seem to be approaching the $6800 level. That’s an area that could cause a bit of resistance though, as we had seen so much in the way of selling pressure just a few days ago, and of course the 50 EMA is there. The $6800 level could be difficult to crack, but if we do I think the market then goes looking towards the $7500 level above, where we had seen a lot of supply come into the market there as well. If we cannot break above the $6800 level, then I think the market goes down to the $6000 level again, where I would expect to see buyers reenter the market. I think we are going to continue to see a lot of choppiness in this general region.

BTCUSD

BTC/JPY

Bitcoin also rallied against the Japanese yen, and as I record this looks likely to reach towards the ¥750,000 level. I think if we can break above the 50 day EMA, the market will probably continue to go higher, perhaps reaching towards the ¥825,000 level, maybe even ¥850,000 after that as it is a scene where a lot of sellers came into the market. If we cannot break above the 50 EMA clearly, I think that we will probably pull back towards to the ¥700,000 level, maybe even as low as ¥650,000 after that. I think at this point, it looks as if the market is trying to form a bit of a bottom, so if you are a longer-term trader this might be a nice opportunity. However, I would expect a lot of noise in this market as well.

BTCJPY

Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.