Analysis

BTC/USD and BTC/JPY Technical Analysis October 12 2017

Christopher Lewis | October 12, 2017 | 6:43 am
btcusd
Analysis

BTC/USD and BTC/JPY Technical Analysis October 12 2017

Christopher Lewis | October 12, 2017 | 6:43 am

Hello and welcome to News BTC’s Market Outlook October 12.

BTC/USD

Bitcoin rallied a bit during the day on Wednesday, reaching towards the $4800 level. The market has resistance just above though, so I think we will continue to bounce around in this area, perhaps going a bit lower to reach towards more support. I think that momentum is to be found underneath, but obviously there is a lot of psychological resistance above at the $5000 level, so I think we may continue to bounce around in order to try to build up the necessary momentum. I have no interest in selling.

BTC/JPY

The Bitcoin markets rallied against the Japanese yen as well, reaching towards the ¥540,000 level. We pulled back from there, looking to find more support. I think given enough time, the market will probably go towards the ¥550,000 level above. I think that every time we pull back, there will be buyers looking to take advantage of value, as we have seen so much in the way of bullish pressure lately. Given enough time, I suspect we continue to go higher, but I also recognize that there is a lot of noise to work through between now and then.

Thanks for watching, I’ll be back tomorrow.

Tags: , ,    

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the top online casinos
in UK and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.