Bullish Set-up for the Weekend in BTC-USD


BTC-USD is currently up just over 1% on the BitStamp exchange today trading at $453.99, pushing higher above psychological resistance at $450. The US Dollar has weakened against currencies and commodities today as the Non-Farm Payroll, a major indicator of the health of the US labour market, came in below expectations at 160,000 versus the forecast of 200,000. A weak labour market reduces demand for the US Dollar and hence commodities like Bitcoin, oil and gold appreciate.

This sets up a bullish environment for the weekend with regards to BTC-USD as Non-Farm Payroll data normally still works its effects on the market up until Monday. The Bank of Japan monetary policy meeting minutes and Chinese trade data on Sunday could provide further fuel for bulls; weaker than expected trade performance from the Chinese economy will boost buying interest in BTC-USD. Any surprises from the Bank of Japan and a stance towards more stimulus could also provoke further bullish dominance.

The long-term technical outlook is illustrated below with the 4-hour price action and shows that the market is currently attempting a bullish breakout after trading below the Ichimoku cloud for some time. Another bullish indication

Read more ... source: TheBitcoinNews