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ETH/USD and ETH/BTC Technical Analysis October 13 2017

Hello and welcome to News BTC’s Market Outlook October 13.

ETH/USD

Ethereum rallied during the day on Thursday, reaching towards the $308 level, but then pulled back towards the $302 level to find support. The 20 SMA has offered support, and it looks as if we are going to continue to grind towards the $314 level above. I believe the pullbacks continue to offer value, and I also believe that if we can break above the $315 level, the market will then reach towards the $325 level. I have no interest in shorting Ethereum.

ETH/BTC

Ethereum fell during the day on Thursday, breaking down towards the 0.059 level against Bitcoin. This is a market that is probably going to continue to favor Bitcoin, as we have seen such a massive breakout in the BTC/USD pair. Ultimately, this is a market that continues to see a lot of volatility, and therefore think that the market should continue to see short-term opportunities, but mainly to the downside. Nonetheless, I prefer to buy the ETH/USD pair rather than short this one.

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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