BTC/USD and BTC/JPY Technical Analysis June 9, 2017

BTC/USD

Bitcoin initially fell during the session on Wednesday but found enough support near the $2600 level to turn around and show strength again. It looks as if we are trying to consolidate just above that level to build up momentum to go higher. I believe that buying on the dips on short-term charts continues to be the way going forward, and the Bitcoin will be trying to reach the $3000 level before you know it.

BTC/JPY

Bitcoin also fell initially against the Japanese yen but turned around to form a bullish looking candle. The market is still little bit soft in general, so I think more consolidation is ahead. However, if we can break above the ¥320,000 level, I feel that the market will be free to go much higher, and perhaps reach towards the ¥350,000 level beyond that. I believe that the ¥280,000 level continues to offer support.

Thanks for watching, I’ll see you tomorrow.

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Source: Newsbtc

loading...