Hello and welcome to News BTC’s Market Outlook October 9.
Ethereum rallied to significantly during the session on Friday, breaking above the $300 level. Because of this, I believe that the market will continue to go higher, and the pullback should be buying opportunities. I also recognize that the $296 level should be somewhat supportive, so those dips that will certainly appear should be thought of as value.
Ethereum tried to rally against Bitcoin, but essentially fell flat during the day. I still think that there is a significant amount of support underneath, but quite frankly I am not excited about going long of this market mainly because of the strength of Bitcoin. It’s not that I think this market is going to fall apart, it’s more that I like both currencies, so I think the relative performance will be found against the US dollar and other fiat currencies.
Thanks for watching, I’ll be back tomorrow.