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Bitcoin continues to do very little on Friday

83 views · Published 2 March 2018 · 1:16 · Indexed 1 November 2026

Channel: NEWSBTC · 2018 · People & Blogs

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BTC/USD

Bitcoin tried to rally a bit during the trading session on Friday but has rolled over to the unchanged level as the Americans have come on board. The market looks unlikely to make any significant move in the short term, as the $12,000 level above is most certainly going to be significant resistance. It is because of this that I believe a short-term pullback is likely, perhaps trying to reaffirm the support at the $10,000 level. I think that the next couple of days will be spent trying to build up the necessary momentum to break out above the $12,250 level, which I see as the next major fight. If we do rollover below the $9400 level, that sends Bitcoin down to $8000.

BTC/JPY

Bitcoin markets also struggled against the Japanese yen, and as I record this we are starting to drift over into negative territory. It’s obvious that there is a significant amount of resistance at the ¥1.2 million level. I think that resistance extends to the ¥1.3 million level, so therefore it’s not until we break above the upper band of this range that I think the market is something to get excited about. And the short-term, it looks like we are going to roll over and go looking towards ¥1.1 million, perhaps ¥1 million under there.

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