In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the April 17th session.
Bitcoin/USD — As you can see, the bitcoin has rolled over a little bit during the trading session on Monday as we are starting to see a bit of a pattern. We can see some bullishness which is basically retail traders. We will see larger traders come in and short this market. So, I think that the 6,000 level is the bottom of the overall consolidation to the 10,000 level. The 8,000 level, which is basically where we are at is fair value.
Bitcoin/JPY — We have the same situation. with the 700,000 yen level and the 1 million level forming the consolidation zone. If we can break above the 1 million yen level, it could send this market much higher. I think that we are going to see a lot of back and forth buying dips. We are in fact trying to build a bit of a base here.