Hello and welcome to News BTC’s Market Outlook April 17.
Bitcoin had a bit of a bounce during the session on Friday, but we should keep in mind that it was Good Friday, and therefore volume would’ve been very thin. Because of this, you should look at the longer-term trend, which certainly has been bullish. Because of this, it’s likely that we will see the buyers step back into the marketplace and reach towards the $1250 level. Expect support at the bottom of the Thursday session.
Ethereum had a bit of a pullback during the Friday session as well, but again, you should keep in mind that the volume was very thin. Look for support just below, and the market should continue to grind to the upside. The key word here of course is grind, as we are starting to run into a little bit of resistance. There is no possible short position in this market though, the longer-term uptrend is simply far too strong. I fully anticipate that Ethereum will break the $50 level and then go looking for the $54 level afterwards, but it’s not going to be the easiest of moves.
Thank you for watching and see you again .