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

By Guest Author Apr 24, 2017 2:11 AM EDT

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

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.


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