BTC/USD and BTC/JPY Technical Analysis May 1, 2017

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BTC/USD

Bitcoin fell during the day on Friday, forming a very negative candle for the session. It looks as if the $1450 level is going to offer significant resistance. A breakdown below the bottom of the candle should send this market looking for support below. The $1350 level underneath could be a place where buyers return. This is still a very strong market, just that it needed to pull back a little bit to build up more momentum.

BTC/JPY

Bitcoin fell against the Japanese yen during the session on Friday, testing the ¥155,000 level. It looks as if we may pull back over here as well, and the ¥150,000 level should be supportive underneath. I’m looking for a supportive candle to go long in this market, so a supportive candle could be reason enough to go long. The market should continue to find buyers over the longer term, so selling isn’t even a thought.