In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the February 27th session.
Bitcoin/USD — As you can see, the market has rallied a bit during the trading session and it looks to me as if we are probably going to find a little bit of bullish pressure. I don't think it is going to be easy though, as there is a lot of noise above, especially extending to 12,000. I think we are trying to build a little bit of base here. If you need further confirmation of that, just look at where 40% of bitcoin trading happens, Japan.
Bitcoin/JPY — Bitcoin has rallied against the Japanese yen after bouncing and forming the hammer off the 1 million yen level. I think 1.2 to the 1.3 level is pretty significant resistance. At that point, if we can clear that, then we are free to go much higher. But in the meantime, I think we are just simply kind of bouncing around in this area, perhaps building a small position, and adding to it as it goes in your favor. Once we break above the 1.3 million yen level, perhaps at that point, we could start talking about adding to your position. In the meantime, we are just trying to build a bit of a base here.