Hello and welcome to News BTC’s Market Outlook October 17.
BTC/USD
Bitcoin did a bit during the day on Monday, but found enough support at $5600 to bounce again. However, it’s too resistive near the $58 level for Bitcoin to break out as I record this, so I think we may have a bit of a roll over coming. I see plenty of support near the $5500 level underneath, as well as the $5400 level. Because of this, I’m looking for value and support at lower levels to start buying, and am not interested in selling.
BTC/JPY
Bitcoin also continues to grind away against the Japanese yen, as the ¥650,000 level looks to be a bit too resistive. Given enough time, I think that the markets will find reason to go higher, but currently I think we have a bit of a “floor” near the ¥600,000 level, which is what I’m using as a sign of support. I’m a buyer of dips, and believe that we will eventually break out but we may have to build up the confidence first.
Thanks for watching, I’ll be back tomorrow.