BTC/USD and ETH/USD Forecast April 5, 2017

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Hello and welcome to News BTC’s Market Outlook for April 6.

BTC/USD

Bitcoin fell early during the Wednesday session, but seems to be finding a bit of support at the $1100 level. By doing so, it confirms that there is still buying pressure out there and that it should continue to attract value hunters on pullbacks. Currently, there is resistance at the $1150 level and that is probably the next target. With this in mind, it’s a “buy on the dips” type of situation that we find ourselves in today.

ETH/USD

Ethereum rallied during the early part of Wednesday, but ran into a bit of resistance near the $46.50 handle. This begins quite a bit of noise in the market that extends all the way to the $54 level. Because of this, Ethereum will probably act very much like Bitcoin, in the sense that it will be a “buy on the dips” type of mentality on short-term charts. Currently, it looks as if the $40 level is going to offer massive support. There is a bit of an equilibrium and price near the $46 handle.

Thank you for watching and see you again tomorrow.

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