Analysis

BTC/USD and BTC/JPY Technical Analysis November 8 2017

Christopher Lewis | November 8, 2017 | 6:43 am
btcusd
Analysis

BTC/USD and BTC/JPY Technical Analysis November 8 2017

Christopher Lewis | November 8, 2017 | 6:43 am

BTC/USD

Bitcoin fell during the trading session on Tuesday, as we are testing the $7000 region. This market has been a bit overbought recently, so I think a pullback makes quite a bit of sense, I would expect to see support near the $6800 level as well, and given enough time we should find enough value to bring the traders back. By simply waiting, you should be able to pick up Bitcoin at a better price.

BTC/JPY

Bitcoin also fell against the Japanese yen, but quite frankly I think there’s plenty of support underneath, especially near the ¥720,000 level. Somewhere between here and there, expect a bounce that you can start taking advantage of. That should offer enough value to attract traders as we are reaching the bottom of the stochastic range, and a crossover should happen reasonably soon.

Thank you for watching, will be back tomorrow.

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