BTC/USD and BTC/JPY Technical Analysis October 23 2017

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BTC/USD

Bitcoin rallied significantly during the day on Friday, breaking out to a fresh, new high. Because of this, it looks as if we are going to continue to go towards the $6000 level. This is perhaps because Mario Draghi suggested that Bitcoin isn’t mature enough to be regulated, thereby allowing for the markets to feel much more comfortable in the situation that we found so attractive in the first place. I believe the pullbacks are buying opportunities, and Bitcoin will continue to strengthen.

BTC/JPY

The Bitcoin also exploded to the upside against the Japanese yen, reaching towards the 660,000 level. I think the pullbacks are buying opportunities, and the ¥640,000 level underneath is massively supportive and could be a bit of a “floor” in the market.

Things are watching, I’ll be back tomorrow.