BTC/USD and BTC/JPY Technical Analysis November 3 2017

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BTC/USD

Bitcoin rallied a bit after initially dropping on Thursday, showing signs of continuing the explosive move higher, as we have now exited the up-trending channel and look to be a bit overbought. I think that short-term pullback should continue to be buying opportunities, as the $6800 level should offer support. I would love to see some type a pullback though, in order to pick up value.

BTC/JPY

Bitcoin has also reached my target against the Japanese yen, reaching towards the ¥820,000 level. Now that we reach this area and formed a massive shooting star and the 4-hour chart, I think that it is only a matter of time before a pullback. I am more than willing to buy that pullback when it happens. The ¥700,000 level should be the floor in the uptrend going forward.

Thanks for watching, I’ll be back on Monday.

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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Source: Newsbtc

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