BTC/USD
Bitcoin rallied a bit during the day on Wednesday, but did pull back to test the $5500 level this is a beginning of significant support from what I can see on longer-term charts, so it makes sense that we would get a bit of a bounce from here. Having said that, keep in mind that we are in a downtrend in general, so we are really going to be clear of the resistance until we clear the $5700 level.
BTC/JPY
Bitcoin also rallied against the Japanese yen, and did not pullback as substantially. I think if we can break above the ¥640,000 level, the market will be free to go higher. Until then expect a lot of volatility, and of course a “floor” at the ¥600,000 level.
Thanks for watching, I’ll be back tomorrow.
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.