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Bitcoin quiet during trading on Wednesday

Rangebound action continues as investors and cryptomarket has failed to react to two major headlines so far.

BTC/USD

Bitcoin when sideways during most of the session on Wednesday, as we continue to hang around the $7600 level. I think that the market should continue to be very choppy in general, with the $7800 level above offering resistance, extending to the $8000 level. I think that the $7400 level underneath is support and I think that short-term trading will continue to be a major issue, and I think that the range bound system of your choice is probably the best way to approach this market. Uses stochastic oscillator something like that to go back and forth. However, once we drop below the $7400 level, I think the market will probably unwind to the $7000 level underneath.

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BTC/JPY

Bitcoin markets rallied a bit during the trading session on Wednesday and reached towards the ¥850,000 level. This is a major short-term resistance barrier, and I think that we could probably roll over from there. If we break above there, then the market should go to the ¥900,000 level. At this point, I don’t think there is much in the way of a longer-term trade, and I think that we should continue to go back and forth and trade in micro movements more than anything else. Longer-term charts suggest that we are probably going to drop from here and go towards the ¥700,000 level underneath which has been massive support. I believe that the ¥900,000 level above is going to continue to be massive resistance, and I think that exhaustion will bring in a lot of money to the downside as although we have rallied over the last session or so, Bitcoin continues to struggle overall.

BTC/USD Video 07.06.18

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This article was originally posted on FX Empire

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