Hello and welcome to News BTC’s Market Outlook October 12.
Ethereum initially rallied during the session on Wednesday, but pulled back towards the $298 level, or we found buyers. We rallied from there, reaching towards the $300 level. If we can break above the $302 level, the market should then go to the $305 level above. Ultimately, if we rally from here, we could into forming a sizable “W pattern”, which of course is a bullish sign. Alternately, if we break down below the $297 level, the market will probably go looking towards the $290 level.
Ethereum initially dipped on Wednesday, reaching towards the 0.062 level against Bitcoin. The market looks as if it is trying to form some type of bottom here, but it will obviously be very choppy. We have been in a massive downtrend, so rallies at this point will probably offer selling opportunities. I think that being patient and waiting for exhaustion could be the best way to short this market, but I am not apt to put a lot of money in this market currently, because it has no momentum.
Thanks for watching, I’ll be back tomorrow.