Hello and welcome to News BTC’s Market Outlook October 13.
Ethereum rallied during the day on Thursday, reaching towards the $308 level, but then pulled back towards the $302 level to find support. The 20 SMA has offered support, and it looks as if we are going to continue to grind towards the $314 level above. I believe the pullbacks continue to offer value, and I also believe that if we can break above the $315 level, the market will then reach towards the $325 level. I have no interest in shorting Ethereum.
Ethereum fell during the day on Thursday, breaking down towards the 0.059 level against Bitcoin. This is a market that is probably going to continue to favor Bitcoin, as we have seen such a massive breakout in the BTC/USD pair. Ultimately, this is a market that continues to see a lot of volatility, and therefore think that the market should continue to see short-term opportunities, but mainly to the downside. Nonetheless, I prefer to buy the ETH/USD pair rather than short this one.
Thanks for watching, I’ll be back tomorrow.