Hello and welcome to News BTC’s Market Outlook October 17.
Bitcoin did a bit during the day on Monday, but found enough support at $5600 to bounce again. However, it’s too resistive near the $58 level for Bitcoin to break out as I record this, so I think we may have a bit of a roll over coming. I see plenty of support near the $5500 level underneath, as well as the $5400 level. Because of this, I’m looking for value and support at lower levels to start buying, and am not interested in selling.
Bitcoin also continues to grind away against the Japanese yen, as the ¥650,000 level looks to be a bit too resistive. Given enough time, I think that the markets will find reason to go higher, but currently I think we have a bit of a “floor” near the ¥600,000 level, which is what I’m using as a sign of support. I’m a buyer of dips, and believe that we will eventually break out but we may have to build up the confidence first.
Thanks for watching, I’ll be back tomorrow.