Hello and welcome to News BTC’s Market Outlook October 16.
The Bitcoin markets rallied during the day after initially falling on Friday as word got out that Chinese regulators may be reconsidering the ban on crypto currency exchanges. Because of this, we are now testing the 5800 level. It’s obvious that we are going to continue to go higher, and short-term pullbacks should be buying opportunities based upon any type of supportive action. Looks like were to go trying to reach towards the $6000 level.
Bitcoin was noisy during the session on Friday, but ultimately reached towards the ¥650,000 level. Ultimately, this is a market that should continue to go higher, perhaps towards the ¥700,000 level over the longer term. I believe that short-term pullbacks are buying opportunities, and that the ¥600,000 level underneath should be a bit of a floor.
Thanks for watching, I’ll be back tomorrow.