BTC/USD and BTC/JPY Technical Analysis December 4 2017

Hello and welcome to News BTC’s Market Outlook December.

BTC/USD

btcusd

Bitcoin rallied again during the trading session on Friday, reaching towards the $10,600 level but looks to pull back a little bit in this area. However, we have made a “higher high”, so I believe that this short-term pullback could be the next buying opportunity. Expect a lot of volatility, there is a lot of fear in the market, so be very cautious and add to any position slowly.

BTC/JPY

btcjpy

Bitcoin also made a “higher high” against the Japanese yen, clearing the ¥1.2 million level. However, we are pulling back a little bit, so you make it an opportunity to pick up some value underneath, and that gives us an opportunity to add to an already long position. However, there is also a lot of fear in this pair as well, so be cautious.

Thanks for watching, I’ll see you tomorrow.

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Hello and welcome to News BTC’s Market Outlook November.

BTC/USD

btcusd

Bitcoin rallied again against the US dollar, as we are approaching the $11,000 level. At this point, anytime you get a pullback in the market there seems to be buyers. I would anticipate that the “floor” is probably the $10,000 handle. We are most certainly entering some type of mania at this point, and impulsive phase. Because of this, make sure that you have stop losses in place as they tend to reverse rather rapidly.

BTC/JPY

btcjpy

Bitcoin obviously rallied against the Japanese yen as well, reaching ¥1.25 million. Pullbacks of this point should continue to have opportunities to find value below, with the ¥1.2 million looking to be very supportive, as well as the ¥1.15 million level.

Thanks for watching, I’ll be back tomorrow.

Hello and welcome to News BTC’s Market Outlook November.

BTC/USD

btcusd

Bitcoin fell a bit after initially trying to rally on Tuesday, as we continue to meander around the $9800 level. I believe it is only a matter of time before the market tests the $10,000 level, and I suspect that almost everybody else in the market thinks this as well. The question becomes how long will it take to break above $10,000 handily? I suspect that we are about to see a lot of volatility, but short-term pullbacks should continue to offer buying opportunities, especially near the $9750 level.

BTC/JPY

btcjpy

Bitcoin rallied against the Japanese yen, and has already broken through the psychologically important ¥1 million level. It is because of this that Bitcoin continues to flex its muscles against the Japanese yen, and I think we will continue to see buyers come in on dips. The ¥1 million level now has become the floor in the market, and it looks likely that we will go looking towards the ¥1.16 million level next.

Thanks for watching, I’ll be back tomorrow.

Hello and welcome to News BTC’s Market Outlook November.

BTC/USD

btcusd

Bitcoin has rallied yet again during the trading session on Monday, reaching towards the $9600 level. At this point, we are overbought by just about any metric that you would use. However, I believe that there is such a psychological necessity for the market to test the $10,000 level, it would not surprise me at all to see this market reach that level today. Pullbacks at this point should continue to find plenty of support underneath, especially near the $9000 level.

BTC/JPY

btcjpy

By contrast, Bitcoin has already broken above the psychologically important ¥1 million level. Because of this, it may be a bit of a laggard when it comes to the Bitcoin market, but ultimately the upside is probably where we’re going to go, and I would expect ¥1 million to offer psychological support.

Thanks for watching, I’ll be back tomorrow.

Hello and welcome to News BTC’s Market Outlook November.

BTC/USD

btcusd

Bitcoin rallied slightly during the Friday trading session, as we tested the $8000 level for support. By bouncing from there, it looks as if we are ready to continue to bounce around between the $8000 handle on the bottom, and the $8400 level on the top. Eventually, I anticipate that we are going to see the $8500 level tested.

BTC/JPY

btcjpy

Bitcoin rallied a bit during the day against the Japanese yen as well, testing the ¥925,000 level. The market has flattened out a bit, but it looks like the ¥900,000 level is continuing to offer a bit of support and possibly a springboard effect to the ¥1 million level is coming.

Thank you for watching, I’ll be back tomorrow.

Hello and welcome to News BTC’s Market Outlook November.

BTC/USD

btcusd

Bitcoin continues to wade just above the $8000 level, as we continue to see that area attract a lot of support. With the Thanksgiving holiday and the subsequent day after, most Americans won’t be bothered trading. Because of this, we could see this market grind sideways over the next couple of sessions. Nonetheless, it looks as if the $8000 level will continue to offer support.

BTC/JPY

btcjpy

Bitcoin fell against the Japanese yen initially on Thursday, but has found enough support at the ¥900,000 level to turn around and show signs of life again. I believe that the market will continue to go higher, and that it is all but inevitable that we will go looking towards the ¥1 million level.

Thanks for watching, I will be back on Monday.

Hello and welcome to News BTC’s Market Outlook November.

BTC/USD

btcusd

Bitcoin fell slightly against the US dollar after initially trying to rally on Wednesday in what could probably be best described as listless trading. The $8000 level below should be psychologically supportive though, so I expect that this is going to continue to be a “buy on the dips” market, as we are accumulating more momentum for the next move higher.

BTC/JPY

btcjpy

Bitcoin continues to grind higher against the Japanese yen, although we did stall a bit during the trading session on Wednesday. It looks as if we are trying to form an ascending triangle, so I suspect that the buyers are going to come back in relatively soon. Either way, I think it’s almost a foregone conclusion that BTC rises to ¥1 million at this point.

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

Hello and welcome to News BTC’s Market Outlook November.

BTC/USD

btcusd

Bitcoin remains volatile, as we have cleared the 8200 level now. It looks as if we are going to continue to find a “buy on the dips” mentality, and therefore selling is all but impossible to do at this point, as Bitcoin seems hell-bent on going to the $10,000 level. Overall, there should be a “hard floor” at the $7800 level now.

BTC/JPY

 

btcjpy

Bitcoin fell rather sharply against the Japanese yen initially during the trading session, but found enough support near the ¥900,000 level to bounce significantly and go looking towards the highs again. At this point, I suspect that it’s a given that we are going to go looking towards the ¥1 million level. There is a massive psychological significance to that level, so don’t be surprised if we pull back once we reach it.

Thinks for watching, I’ll be back tomorrow.

Hello and welcome to News BTC’s Market Outlook November.

BTC/USD

Bitcoin rallied on Monday again, breaking well above the $8000 level, and came very close to touching $8200 in early trading. The market is overextended, but we have a significant amount of support extending down to the $7500 level, so it’s very likely that buyers will continue to jump into the market on short-term pullbacks, as we are starting to see another impulsive leg higher.

BTC/JPY

btcjpy

Bitcoin also rallied against the Japanese yen, and we are now clear of the ¥900,000 level. At this point, it’s hard to imagine that we won’t reach ¥1 million, and therefore pullback should be considered buying opportunities as we have a significant amount of strength in the market, especially near the ¥880,000 level.

Thanks for watching, I’ll be back tomorrow.

Hello and welcome to News BTC’s Market Outlook November.

BTC/USD

Bitcoin exploded to the upside yet again on Wednesday, slicing through the $7000 level. However, there is a lot of noise extending to the $7600 level, and it does look like we are getting a bit overbought on the 4-hour chart. With the stochastics crossing in the overbought zone, I suspect that it’s only a matter of time before we do pull back. I look at these pullbacks as buying opportunities, and believe that the $6500 level will offer a bit of a “floor” below.

BTC/JPY

Bitcoin rallied against the Japanese yen as well, breaking above the ¥800,000 level. We do look a little stretch now here as well, and I see that we are trying to form a shooting star on the 4-hour chart. Because of this, we will probably get a pullback, but I would anticipate that there should be plenty of buyers below, especially near the ¥775,000 level.

Thanks for watching, I’ll be back tomorrow.