Bitcoin fell slightly during the trading session on Thursday, reaching towards the $7000 level. However, this area has offered a significant amount of support, has a certain amount of psychological importance to it, and it looks as if the stochastic oscillator is ready to turn to the upside again. Because of this, I suspect that the buyers are going to return, as we simply grind between the $7000 and $7600.
Bitcoin fell a bit during the day against the Japanese yen as well. The ¥800,000 level looks very likely to offer support again, especially considering that the stochastic oscillator is looking to turn around and rally a bit. I think we will go looking towards the ¥880,000 level above, which has been resistance. A break above there is a signal to start adding to a long position.
Thanks for watching, how be back tomorrow.