BTC/USD and BTC/JPY Forecast - April 2018



Bitcoin rallied slightly during the trading session on Friday, breaking above the $8100 level. The market looks like it is ready to continue to go higher, perhaps reaching towards the $9000 level. I believe that the $6500 level underneath will continue to offer support. I believe that the $6000 level underneath is the temporary “floor” in the market, and I think that the market participants will continue to be attracted to that level. I think the $10,000 above is going to continue to be resistive though, so I think that we may get another day or 2 of bullish pressure, but I would anticipate that a pullback is likely. That’s likely to be an opportunity for buyers to try to build up enough momentum to go and challenge that area. I think that we will continue to see volatility, but the Thursday session has given hope to Bitcoin buyers again.



Bitcoin markets rallied a bit during the trading session against the Japanese yen as well, but not nearly as strongly as it had on Thursday. I think that the market continues to try to find higher levels, but I believe that the 1 million level will be a major barrier. I suspect that we will get short-term bullish pressure, and then a bit of a pullback. I don’t think that were to break down though, I think that the ¥700,000 level will offer a bit of a floor in the market. If we did breakdown below there, the market could probably go down to the €600,000 level. I believe that a range bound trading system is probably the best way to play this market, with the ¥700,000 level be in the bottom, and the ¥1 million level be in the top.


Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.