Hello and welcome to News BTC’s Market Outlook October 6.
BTC/USD
Bitcoin shot straight through the roof during the trading session on Thursday, as money came back in the crypto currencies overall. We are currently testing the $4350 level, and I do think that we break above there but it would not surprise me at all to have a short-term pullback. That pullback should be a nice buying opportunity as we reach towards the highs yet again.
BTC/JPY
Bitcoin also rallied against the Japanese yen, testing the ¥485,000 level. I think we will eventually go looking towards the ¥500,000 level, so I think it’s a short-term pullback that you are looking for to start going long again. I have no interest in shorting the Bitcoin market overall, and certainly not against the Japanese yen. I believe that buying on dips continues to be the best way to trade this market.
Thanks for watching, I’ll be back Monday.