BTC/USD and BTC/JPY Technical Analysis October 19th, 2017

BTC/USD

Bitcoin fell slightly during the day on Wednesday, reaching below the $5300 level. There is plenty of noise around this area, so it’s likely that if we can rally from here, that support will have shown itself to be important. Otherwise, if we break down below the $5200 level, the market should then go down to the $5000 level. Longer-term though, I believe that somewhere in this general vicinity, we will find enough support to turn things around and start going long again.

BTC/JPY

Bitcoin fell slightly during the day as well, testing the ¥600,000 level. This is an area that begins a very noisy range, so I think if we can break above the ¥610,000 handle, it’s time to start buying again. If we break down below the ¥580,000 level, we may have to sit on the sidelines and wait for more stability at lower pricing. I have no interest in shorting regardless.

Thanks for watching, I’ll be back tomorrow

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