Yen gains again. Bitcoin aims 11k

USDJPY broke an important support on the 110.8 and now is testing that it as closest resistance. The first contract with this area from the bottom is good for sellers as the price created a shooting star on the H4 chart. As long, as we stay below the orange area, the sentiment is negative.

Although the CADJPY is in the long-term ascending triangle which promotes the upswing, we can see a possible short-term selling pressure here. It is all because of a strong recent downswing and the flag formation (which should continue this sentiment). We are also below an important resistance on the 89.3, which should block the demand for a while.

Bitcoin is aiming lower again. The movement which was largely anticipated as the price broke the mid-term up trendline and later, successfully tested that as the closest resistance. The current target is the horizontal support on the psychological barrier around the 11k USD. Chances that we will get there are very high.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

This article was originally posted on FX Empire

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