BTC/USD and BTC/JPY Technical Analysis October 25 2017

BTC/USD

Bitcoin had a choppy session on Tuesday, as word got out that Bitcoin Gold had its central hub attacked. However, I think that there is plenty of support below, and these dips continue to offer buying opportunities. The 5600 level is offering a bit of support, and I think is even more support at the $5500 level. Ultimately, I think we go back to the $6000 region, and test that psychologically important level. By adding slowly, you should be able to take advantage of the longer-term uptrend.

BTC/JPY

Bitcoin fell hard against the Japanese yen, but found enough support at the ¥630,000 level to bounce and reach towards the ¥650,000 level. If we can break above there, the market should then go to the ¥670,000 level given enough time. Ultimately, this is a market that should find plenty of buyers, but stability will be needed first to be confident enough to throw a lot of money into this market. On the short-term charts, looks likely that the markets are trying to make “higher lows”, so ultimately, I do believe that we eventually turn around.

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.

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