Hello and welcome to News BTC’s Market Outlook November.[embedded content]
Bitcoin rallied on Monday again, breaking well above the $8000 level, and came very close to touching $8200 in early trading. The market is overextended, but we have a significant amount of support extending down to the $7500 level, so it’s very likely that buyers will continue to jump into the market on short-term pullbacks, as we are starting to see another impulsive leg higher.
Bitcoin also rallied against the Japanese yen, and we are now clear of the ¥900,000 level. At this point, it’s hard to imagine that we won’t reach ¥1 million, and therefore pullback should be considered buying opportunities as we have a significant amount of strength in the market, especially near the ¥880,000 level.
Thanks for watching, I’ll be back tomorrow.
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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