The Bitcoin market tried to rally initially during the day on Wednesday, but found enough resistance at the 2800 level to turn things around and go fishing towards the 2600 level. I think there is a significant amount of support underneath, and as a result I think that the buyers will continue to pick up value on drop in pricing. I think that eventually we will break above the 2800 level, and then go looking for the 3000 level.
Bitcoin broke out to the upside but turned around to form a shooting star as the area above ¥300,600 continues to be a bit of trouble. I think that we are going to probably drop from here and try to find volume and support near the 280,000 level. That level should continue to offer enough support for buyers to get involved as they will look at it as value in this market. Below there, there is even more support down to the ¥260,000 level.
