BTC/USD and BTC/JPY Technical Analysis October 4 2017

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Hello and welcome to News BTC’s Market Outlook October 4.

BTC/USD

Bitcoin fell a bit during the day on Tuesday, as we reached down towards the $4200 level. This is an area where I expect to see some support though, so I think it’s only a matter of time before the buyers return. Eventually, I think the market reaches towards the $4350 handle, and then towards the $4500 level. I have no interest in shorting, I recognize that there is a lot of support just below.

BTC/JPY

Bitcoin fell against the Japanese yen as well, but should enjoy support at the ¥475,000 level. I think we will bounce towards the ¥500,000 level above, and a break above that level should send this market even higher. I have no interest in shorting, the Japanese yen has been on the back foot for some time now, and that of course will transfer over here to the crypto currency area.

Thanks for watching, I’ll be back tomorrow.