Hello and welcome to News BTC’s Market Outlook April 28.
Bitcoin rallied against the US dollar initially on Thursday, but continues to run into a little bit of pressure above. By pulling back, this suggests that the market is going to pull back a little bit from here. I think that is healthy, as a pullback can only pick up more momentum. I believe that there should be plenty of support near the $1350 level underneath. A break above the top of the candle for the day would show it impulsively bullish market.
Bitcoin of course rallied against the Japanese yen as well, breaking to the ¥157,000 level but finding a significant amount of resistance and that area. Because of this, pullbacks are likely, but I think that pullback will only offer value the traders will take advantage of. I believe the “floor” of the market is somewhere near the ¥150,000 level underneath. We have exploded to the upside, so therefore I have no interest in selling.
Thanks for watching and see you again Monday.