Bitcoin rallied initially during the trading session on Monday, but ran into a bit of trouble at the $19,000 level. Over the weekend, we trying to break above the $20,000 level, but failed a bit. Ultimately, it looks as if the market is trying to build up the confidence to break above the $20,000 level, which of course will have a certain amount of psychological resistance. Ultimately, I suspect that we are going to break above there. In the meantime, $18,000 looks to be rather supportive, followed by $17,000 underneath.
Bitcoin has been very active against the Japanese yen, dropping towards the ¥2 million level, before bouncing significantly. It looks as if we are going to roll over a bit though, and as a result I think this continues to be a “buy on the dips” type of situation. I believe that eventually, we break out to fresh highs.
Thanks for watching, I’ll be back tomorrow.