Hello and welcome to News BTC’s Market Outlook April 21.
Bitcoin rallied slightly overnight against the US dollar, but still finds quite a bit of resistance just above. In fact, there is a significant amount of resistance extending all the way to the $1300 level, so expect choppiness going forward. Short-term pullbacks could be buying opportunities, but quite frankly this will be a very volatile move to the psychologically important $1300 level. I see significant support at $1240.
Against the Japanese yen, Bitcoin finds itself banging on the resistance near the ¥139,000 region. A break above there sends this market looking for ¥150,000, and perhaps even higher than that. Currently, I think it’s prudent to expect short-term pullbacks but they should only offer value as the currency has been so strong as of late. In fact, selling isn’t even a thought until we break below the ¥130,000 level.
Thanks for watching and see you again tomorrow.