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Bitcoin Price Forecast – Bitcoin falls again on Friday after trying to rally

Christopher Lewis
Updated
The prices continue to trade in a consolidative manner as the move higher seems to have lost its momentum

BTC/USD

Bitcoin rallied late Thursday but gave back the gains on Friday as we continue to see sellers jump in on rallies. That has been the way forward for months now, and I don’t see that changing anytime soon. Currently, it looks as if there is a major amount of resistance focused on the $6800 level, just as there is a major support level below at the $6000 level. That’s an area that was the bottom of the longer-term consolidation, and therefore I think it should hold for a while. However, we will more than likely break down below there, and once we do we could go down to the $5000 level rather quick.

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BTC/JPY

Bitcoin fell against the Japanese yen as well, as late Thursday saw buyers try to lift this market. However, they ran into a major gap from earlier in the week which offered a lot of selling pressure. It looks as if the ¥700,000 level could be targeted again, and at this point I think the next resistance barrier to overcome is somewhere close to the ¥775,000 level. Expect volatility and expect the ¥700,000 level to be very difficult to break through. However, once we do clear that area and get a fresh, new low, this market could take off to the downside rather rapidly. If we do break above the ¥775,000 level, that would be bullish enough to send this market looking towards the ¥825,000 level. All things being equal though, I favor the downside.

BTC/USD Video 18.06.18

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This article was originally posted on FX Empire

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