Hello and welcome to News BTC’s Market Outlook for April 12.
Bitcoin fell initially on Tuesday but continued to find buying pressure just above the $1200 level, to form a somewhat stagnant looking candle. Nonetheless, this tells us that there is still plenty of buying pressure underneath, and the pullback should offer value for traders going forward. By looking at short-term charts and watching for support and/or bouncing, this should give ample buying opportunities.
Ethereum continues to grind sideways overall and seems to be stuck in a relatively calm but tight consolidation area. The $40 level on the bottom seems to be rather supportive while the $45 level continues to offer resistance. Because of this, short-term dips might be the best way to play this market to the upside. As far as selling is concerned, that seems a bit like a fool’s errand at the moment as there has been so much in the way of bullish pressure.
Thank you for watching and see you again tomorrow.