In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the January 10th session.
Bitcoin/USD — As you can see, we pulled back a little bit, to form signs of support at the $14,000 to form a hammer. But I think it is only a matter of time before we either rally towards 17 or break down towards the $12,000 level. Basically, it depends on which side of the candle we break out. The easy money has been made in bitcoin though. That has become apparent because this was read about where the futures market came involved. So far, this region on the chart has been the top.
Bitcoin/JPY — Bitcoin/yen has tried to rally during the day, but gave back most of the gains at 1.9 million level offering resistance. For me though, I think this is consolidation at least at this point between 2 million yen and 1.5 million yen. I suspect we are probably going to drift a little lower. I think you can probably buy at lower levels. Shorting is a little difficult for me. I don’t necessarily trust it. 40% of the world’s volume is in Japan. So, it makes sense that this would fare a little better against the yen that with the US dollar.
© Prabhu for Forex Videos, 2018. |
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