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