BTC/USD and BTC/JPY Technical Analysis October 26 2017

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

BTC/USD

Bitcoin rallied a bit during the day on Wednesday, but did pull back to test the $5500 level this is a beginning of significant support from what I can see on longer-term charts, so it makes sense that we would get a bit of a bounce from here. Having said that, keep in mind that we are in a downtrend in general, so we are really going to be clear of the resistance until we clear the $5700 level.

BTC/JPY

Bitcoin also rallied against the Japanese yen, and did not pullback as substantially. I think if we can break above the ¥640,000 level, the market will be free to go higher. Until then expect a lot of volatility, and of course a “floor” at the ¥600,000 level.

Thanks for watching, I’ll be back tomorrow.