BTC/USD and BTC/JPY Technical Analysis November 6 2017

Avatar newsbtc 2 years ago


Bitcoin pulled back a bit during the day after initially trying to rally on Friday, as $7500 has offered a bit too much in the way of resistance. That makes sense though, because quite frankly we have gotten a bit overextended. At this point, I’m more than willing to wait for a pullback towards the $7000 level, perhaps even the $6800 level to go long.


Bitcoin also tried to rally during the session against the Japanese yen, showing signs of exhaustion at the ¥850,000 level. Ultimately, the ¥800,000 level looks very supportive underneath, extending down to the ¥775,000 level. Ultimately, it’s only a matter of time before the buyers get involved, as we are in a strong uptrend. However, a pullback is almost necessary to find value in a market that has gotten a bit overheated.

Tags: BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Instant Crypto Credit Lines™ from only 5.9% APR - unlock your crypto-wealth tax-efficiently, without selling it. Earn up to 8% interest per year on your Stablecoins, USD, EUR & GBP. $100 million custodial insurance.

Show comments