Hello and welcome to News BTC’s Market Outlook October 16.
ETH/USD
Ethereum rallied significantly during the trading session on Friday, reaching as high as $348. This explosive move is obviously overbought though, so at this point you pretty much need to wait for pullbacks to pick up value. I see a significant amount of support near the $328 level, so that might be an excellent opportunity. I do not have any interest in buying at this high level, because quite frankly this type of momentum cannot keep up forever.
ETH/BTC
Ethereum rallied against Bitcoin, reaching the 0.062 level before pulling back. It looks like we are going to try to break out, but I would not be willing to buy this pair until we get above the 0.064 handle, which would show a significant pickup and momentum, and a smashing of resistance. In the meantime, it’s probably best to play Ethereum against the US dollar still.
Thanks for watching, I’ll be back tomorrow.