In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the April 4th session.
Bitcoin/USD — As you can see, bitcoin has rallied a bit during the trading session on Tuesday, showing signs of strength. The 8,000 level above is where the 20-period SMA is crossing. Although this has been a good sign, I think that overall, you need to look at this as an area that could be a double bottom. But it is far too early to tell. I need to see this market break 9,000. If it does, then it is probably a long-term potential buying opportunity. But, right now, I am looking for exhaustive candlestick to sell.
Bitcoin/JPY — We have the same situation, the same pattern. With that being said, you can make an argument for all kinds of things going on in this chart. I think that the cryptocurrencies will continue to suffer for a while at least, but this was a very crucial level that had to hold. So, above the 1 million level is bullish, but I think that you will probably have several opportunities to buy on dips coming up. If we break down to fresh new low, then that is very negative.