BTC/USD and BTC/JPY Technical Analysis November 7 2017

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BTC/USD

Bitcoin has been reasonably flat over the last several sessions, but should find support near the $7000 level. The should line up nicely with the previous resistance line of the uptrend channel, so it’s likely that we should see plenty of buying pressure underneath. Bitcoin looks very healthy, but taking a bit of a breather after a move higher makes quite a bit of sense.

BTC/JPY

Bitcoin has gone sideways against the Japanese yen as well obviously, but I think that the ¥800,000 level underneath will continue to offer support, and dips are buying opportunities. Ultimately, the buyers should return and push towards the ¥1 million level over the longer term, but this is a longer-term call, and in the meantime, we must assume that it is a simple grind higher.

Thanks for watching, be back tomorrow.

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Christopher Lewis

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