BTC/USD and BTC/JPY Technical Analysis October 17 2017

Hello and welcome to News BTC’s Market Outlook October 17.[embedded content]

BTC/USD

Bitcoin did a bit during the day on Monday, but found enough support at $5600 to bounce again. However, it’s too resistive near the $58 level for Bitcoin to break out as I record this, so I think we may have a bit of a roll over coming. I see plenty of support near the $5500 level underneath, as well as the $5400 level. Because of this, I’m looking for value and support at lower levels to start buying, and am not interested in selling.

BTC/JPY

Bitcoin also continues to grind away against the Japanese yen, as the ¥650,000 level looks to be a bit too resistive. Given enough time, I think that the markets will find reason to go higher, but currently I think we have a bit of a “floor” near the ¥600,000 level, which is what I’m using as a sign of support. I’m a buyer of dips, and believe that we will eventually break out but we may have to build up the confidence first.

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.

Let’s block ads! (Why?)

Source: Newsbtc

loading...