Hello and welcome to News BTC’s Market Outlook October 16.
Ethereum rallied significantly during the trading session on Friday, reaching as high as $348. This explosive move is obviously overbought though, so at this point you pretty much need to wait for pullbacks to pick up value. I see a significant amount of support near the $328 level, so that might be an excellent opportunity. I do not have any interest in buying at this high level, because quite frankly this type of momentum cannot keep up forever.
Ethereum rallied against Bitcoin, reaching the 0.062 level before pulling back. It looks like we are going to try to break out, but I would not be willing to buy this pair until we get above the 0.064 handle, which would show a significant pickup and momentum, and a smashing of resistance. In the meantime, it’s probably best to play Ethereum against the US dollar still.
Thanks for watching, I’ll be back tomorrow.