Bitcoin fell against the US dollar during the trading on Friday, as we continue to drift around in a slow choppy pattern. The market has bounced a bit though, forming a bit of a hammer. This is a bullish sign but is preceded by a couple of negative candles. We could get a bounce from here, but it’s not until we break above the $10,000 level that I would be convinced of validity on the buy side. Otherwise, if we break down below the bottom of the range for the Friday session, I think we go to the $8000 level, followed by the $7500 level. Either way, I do not believe that this market is ready to take off, and I think that we will be very sideways over the next several sessions. Because of this, it’s probably best to keep your position size relatively small.
Bitcoin fell initially during the trading session on Friday, as the Japanese yen picked up a bit of momentum. I believe that the market will continue to be very choppy with the ¥1 million level above being massively resistive. If we can break above there and extend through the resistance barrier that formed it there, we could go much higher. I would consider the market broken to the upside if we can clear the ¥1.1 million level. Until then, I suspect there is still more downward pressure than anything else. I see support below at the ¥800,000 level, so we break down below there I think we would probably go to the ¥650,000 level underneath which was a massive support level back in February. Volatility will continue to be a major issue down.