This weekend, will we reach 1,000,000 yen?

segwit2xIn response to the suspension, some miners temporarilyBTCtoBCHswitched mining activity. This led to an outflow of funds from BTC to altcoins. In response,BTCdropped temporarily600,000yen near that level, but then resumed an uptrend and reached a new high. Eventually,100yen (ten million yen) started to become a realistic target.

■60million yen range shows strong buying demand

The chart showsSMA5,25,75overlaid.

Currently920,000yen around here is fluctuating.

Since many investors have not yet bought in,BTCwill likely continue its uptrend for a while.

From 9/14 the rising trend has retraced almost half,600,000yen near the top was adjusted, but after hitting a bottom it quickly rebounded.11/12Within the middle,50,000yen nearly recovered, suggesting many investors who had missed the buy and waited for the drop have entered.

As they all moved to buy positions at once,9month continuing uptrend was seen as having stabilized after a pullback, and selling pressure receded. Now100million yen seems to be the target for this year’s grand finish.

From the bottom to the new high in just4days, investors who sold during the correction still remain, so it looks like new buyers will enter.

■ The intray high for the year is110million yen around perhaps

Because the correction ended at a high pace, the year-end outlook must be raised further. Recently, Japanese traders dominated trading, so100million yen was the obvious upside target, but given the recent market mood, overseas participants are also becoming active, so perhaps1more level to10,000dollars may be reached. At the current level, this would be around111million yen.

This year1st year in summary, it seems the growth pace continued to accelerate rather than simply volatility expanding. As price action is observed, the sense of urgency among market participants grows day by day. In such a scenario, one should remain mindful of potential risks or events and react to them sensitively.

Nevertheless, there may be another round of adjustments, so be sure to use stop-losses.

In principle I would like to go long, but if the initial move is a strong drop, I will straightforwardly switch to a short to reverse, and aim for careful, meticulous trading.

■ Within this week100million yen reached or not

Reaching 100million yen is the key,25days are in focus.

Because GotoBi and weekends coincide, it will be a high-volatility1day. Specifically, seasonality suggests Western markets begin Christmas holidays, which could bring in their pocket money.

On weekends, prices often swing to new highs and lows before returning, so after a quick touch of 100 million yen, we may see a bit of profit-taking and a retreat.

From next month, it appears the trend toward10,000dollars will begin.

-------------------------------------------------------------------------------------------

【Author】

Kawata Seiou(Kawada Saio)

Trading Securities Market Division, Dealing Section

Born in Geneva, Switzerland. Graduated from Keio University.

Having traveled to many countries, his fanamental analyses rooted in real experiences are persuasive.

Utilizes behavioral economics learned in student days to analytically examine psychological biases of market participants and apply them to trading.

Hobby is shogi; he is a high-dan amateur, and the mid-game maneuvers also help when reading the next move in the market.

“The crowd is always wrong” is his creed.

【Disclaimer】

The Bitcoin price information and other content provided on this site reflect the personal views of the author, and The Traders Securities Co., Ltd. and our company do not guarantee the accuracy or safety of these contents. Also, such information is provided for reference only and does not constitute a recommendation of specific investment actions or management methods regarding cryptocurrencies. Please make investment decisions at your own discretion. Any gains or losses from investment belong to the investors. The author, Traders Securities Co., Ltd. and our company do not bear any responsibility for damages incurred based on this information.

-------------------------------------------------------------------------------------------