BTC/USD and BTC/JPY Technical Analysis October 27 2017

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BTC/USD

Bitcoin rallied significantly during the day on Thursday, reaching towards the $6000 level again. As you can see on the 4-hour chart, we have broken above the top of the downtrend in general, and it now looks as if we are trying to break out to the recent highs again closer to the $6200 level. Because of this, looks like a pullback should find plenty of support near the $5800 level now, and that Bitcoin is ready to go much higher.

BTC/JPY

The Bitcoin market rallied significantly as well against the Japanese yen, reaching towards the ¥680,000 level. The market looks set to reach towards the ¥700,000 level, and beyond. Ultimately, pullback should continue to be buying opportunities as the ¥650,000 level underneath continues to act as support for what I can see. With this being the case, I am bullish in both markets.

Thanks for watching, I’ll see you again Monday.