Hello and welcome to News BTC’s Market Outlook October 18.
BTC/USD
Bitcoin fell slightly during the day on Tuesday, as we continue to grind sideways overall. We have support underneath at the $5400 level, just as we have a massive amount of resistance at the $5800 level above. Ultimately, the market should continue to find dips, as we try to build up enough momentum to rally and reach towards the $6000 level above. If we can break above the $6000 level, the market should continue to go much higher.
BTC/JPY
The Bitcoin market went sideways initially, but has plenty of support underneath. The Bitcoin markets look as if they are trying to rally significantly, but the ¥650,000 level above will be massively resistive. If we can break above there, the market should continue to go much higher. In the meantime, looks as if we are simply trying to build up momentum to make the break out.
Thanks for watching, I’ll be back tomorrow.