Hello and welcome to News BTC’s Market Outlook October 6.
Bitcoin shot straight through the roof during the trading session on Thursday, as money came back in the crypto currencies overall. We are currently testing the $4350 level, and I do think that we break above there but it would not surprise me at all to have a short-term pullback. That pullback should be a nice buying opportunity as we reach towards the highs yet again.
Bitcoin also rallied against the Japanese yen, testing the ¥485,000 level. I think we will eventually go looking towards the ¥500,000 level, so I think it’s a short-term pullback that you are looking for to start going long again. I have no interest in shorting the Bitcoin market overall, and certainly not against the Japanese yen. I believe that buying on dips continues to be the best way to trade this market.
Thanks for watching, I’ll be back Monday.