BTC/USD And BTC/JPY Forecast - Tuesday, April 17

Bitcoin fell again on Monday, as we are starting to see a bit of a pattern, the weekend which features mainly retail traders, will gain. However, once the institutional traders come back in, you see a lot of selling.


Bitcoin fell on Monday against the US dollar, reaching back towards the $8000 level. I believe that this market will continue to be very choppy, and as a start to look out from a distance, I believe that the $8000 level is essentially “fair value” in the market, with the $6000 level being supported, and the $10,000 level above being resistance. I believe that at this point it is probably best to step to the side and wait for the value to present itself, perhaps closer to the $6000 level if you want to be a buyer. Otherwise, if we rally from here, I would anticipate that the $10,000 level above would be resistance.

(Click on image to enlarge)



Bitcoin also struggled against the Japanese yen, reaching towards the ¥850,000 level. By doing so, the market looks likely to continue to see a lot of choppiness, but I think that the market is very much the same as against the US dollar, essentially at “fair value.” Ultimately, I think that the ¥700,000 level underneath is a bit of a floor, and if we can stay above that level we could start to build up a bit of a base. However, if we were to break down below that level it could unwind this market significantly, with the initial target being the ¥600,000 level. If we broke above the ¥1.1 million level, I think we would target the ¥1.2 million level and a break above there could resume an uptrend. Currently, I think we are in consolidation more than anything else, which will probably keep retail traders from putting too much money into this market.

(Click on image to enlarge)


Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals ...

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.