Bitcoin has rallied significantly during the trading session on Friday, breaking above the top of an ascending triangle. By measuring the move, we get a potential rally to the $23,000 level, but expect short-term pullbacks occasionally. It looks as if the bullish pressure continues, as momentum has picked back up to the upside.
Bitcoin has rallied against the Japanese yen as well, although and not as clear of a pattern as against the US dollar. This being the case, looks as if we are going to reach towards the ¥2.2 million level again, which makes sense considering the 40% of Bitcoin trading comes out of Japan, and through the retail sector. Buying on the dips continues to be the best way to play against the yen.
Thanks for watching, I’ll be back tomorrow.