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.
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.
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