Hello and welcome to News BTC’s Market Outlook November.
Bitcoin rallied again against the US dollar, as we are approaching the $11,000 level. At this point, anytime you get a pullback in the market there seems to be buyers. I would anticipate that the “floor” is probably the $10,000 handle. We are most certainly entering some type of mania at this point, and impulsive phase. Because of this, make sure that you have stop losses in place as they tend to reverse rather rapidly.
Bitcoin obviously rallied against the Japanese yen as well, reaching ¥1.25 million. Pullbacks of this point should continue to have opportunities to find value below, with the ¥1.2 million looking to be very supportive, as well as the ¥1.15 million level.
Thanks for watching, I’ll be back tomorrow.