Bitcoin pulled back a bit during the day after initially trying to rally on Friday, as $7500 has offered a bit too much in the way of resistance. That makes sense though, because quite frankly we have gotten a bit overextended. At this point, I’m more than willing to wait for a pullback towards the $7000 level, perhaps even the $6800 level to go long.
Bitcoin also tried to rally during the session against the Japanese yen, showing signs of exhaustion at the ¥850,000 level. Ultimately, the ¥800,000 level looks very supportive underneath, extending down to the ¥775,000 level. Ultimately, it’s only a matter of time before the buyers get involved, as we are in a strong uptrend. However, a pullback is almost necessary to find value in a market that has gotten a bit overheated.