Hello and welcome to News BTC’s Market Outlook October 17.
Ethereum initially rallied on Monday, but found enough resistance at the $352 level to turn around and drop towards the $336 level. There seems to be quite a bit of buying pressure there though, and as a result we have bounced again. I think we will eventually break out to the upside, and a move above the $352 level is the signal to start adding to any positions you have. We’re knocking on the door, but we just haven’t made the move yet.
Ethereum has rallied slightly against Bitcoin, but quite frankly we have not seen a major move and of course we are not at highs. The 0.062 level above is resistance, and I think we are still essentially sideways, so having said that I think that the market will eventually try to find its way higher, but it may take some time. If we were to break down below the 0.058 level, then we probably drop to the 0.053 level. Nonetheless, it’s probably best to trade Ethereum against the US dollar as it is a much clearer picture.
Thanks for watching, I’ll be back tomorrow.