Bitcoin rallies on Friday, continuing bullish pressure

BTC/USD

Bitcoin markets rallied a bit during the trading session on Friday, reaching towards the $8200 level before finding a bit of resistance. While not as explosive as the Thursday session was, this is a good sign, as it shows that the buyers aren’t leaving. I believe that short-term pullback should continue to buy buying opportunities, although we certainly have a significant amount of resistance above. This will continue to be a very choppy and noisy market, but on the longer-term charts it looks like we are trying to form some type of bottom underneath. Buying on the dips in small amounts will probably be the best way to play this market if you are bullish of Bitcoin.

BTC/USD Video 16.04.18

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BTC/JPY

Bitcoin markets rallied against the Japanese yen as well, breaking towards the ¥900,000 level. That’s an area that that will cause a lot of psychological resistance and pulling back from this area makes a lot of sense. I believe that the ¥800,000 level underneath should be support, and I think that support is a bit of a zone down to the ¥700,000 level. I recognize that Bitcoin is going to be very volatile, but after the surge on both Thursday and Friday, it’s likely that we will continue to see a continued move to the upside. I believe that the ¥1 million level above will be massive resistance, extending to the ¥1.1 million level. It will take several attempts a break above there, but if we could do so, that should send Bitcoin to much higher levels like we have seen in the past. In the meantime, I believe “buy the dips” is the mantra for short-term traders.

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