Hello and welcome to News BTC’s Market Outlook for April 11.
Bitcoin continues to grind higher, making a fresh, new high during the session early Monday, but quite frankly we are starting to get a little bit exhausted as volume drops off. A pullback is more than likely, but this pullback should be seen as an opportunity to pick up “value.” Alternatively, a break above the top of the range for the session is bullish but there is significant resistance at the $1250 level above, ensuring that the move higher will be difficult going forward.
Ethereum continues to drift sideways overall, as we hover near the $44 level. Currently, it looks as if the market is strongly supported at the $40 handle, but equally is resistive at the $45 level. Short-term “buy on the dips” opportunities may be presenting themselves in this market over the next several sessions. Looking for longer-term use this point is probably asking a bit too much in a market that needs to consolidate after the huge impulsive move higher during a previous couple of weeks. Thank you for watching and see you again tomorrow.
Thank you for watching and see you again tomorrow.