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Hello and welcome to News BTC’s Market Outlook November.
Bitcoin rallied on Monday again, breaking well above the $8000 level, and came very close to touching $8200 in early trading. The market is overextended, but we have a significant amount of support extending down to the $7500 level, so it’s very likely that buyers will continue to jump into the market on short-term pullbacks, as we are starting to see another impulsive leg higher.
Bitcoin also rallied against the Japanese yen, and we are now clear of the ¥900,000 level. At this point, it’s hard to imagine that we won’t reach ¥1 million, and therefore pullback should be considered buying opportunities as we have a significant amount of strength in the market, especially near the ¥880,000 level.
Thanks for watching, I’ll be back tomorrow.