BTC/USD and BTC/JPY Technical Analysis April 24, 2017

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Hello and welcome to News BTC’s Market Outlook April 24.

BTC/USD

Bitcoin rallied on Friday against the US dollar, breaking above the $1320 level. We pulled back a little bit to form a bit of a shooting star, so it’s likely that we can get a bit of bearish pressure during the session on Monday, but quite frankly that should be a buying opportunity. There should be massive amount of support below at the $1250 level underneath. Ultimately, supportive candles should attract more buying.

BTC/JPY

Bitcoin also rallied against the Japanese yen but struggled at the ¥145,000 level. By forming a shooting star of sorts, it looks as if the market needs to pull back a little bit to find enough buying pressure to go higher. Some type of supportive candle underneath should be a nice buying opportunity and I believe that there is plenty of support all the way down to the ¥135,000 level below. I have no interest in shorting this market, and believe that we will eventually go higher. A break above the ¥145,000 level should send this market looking for the ¥150,000 level.

Thanks for watching and see you again tomorrow.