BTC/USD and BTC/JPY Technical Analysis November 21 2017

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Last Updated: June 11, 2024 1:22 pm

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Hello and welcome to News BTC’s Market Outlook November.

BTC/USD

Bitcoin rallied on Monday again, breaking well above the $8000 level, and came very close to touching $8200 in early trading. The market is overextended, but we have a significant amount of support extending down to the $7500 level, so it’s very likely that buyers will continue to jump into the market on short-term pullbacks, as we are starting to see another impulsive leg higher.

BTC/JPY

Bitcoin also rallied against the Japanese yen, and we are now clear of the ¥900,000 level. At this point, it’s hard to imagine that we won’t reach ¥1 million, and therefore pullback should be considered buying opportunities as we have a significant amount of strength in the market, especially near the ¥880,000 level.

Thanks for watching, I’ll be back tomorrow.

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