Hello and welcome to News BTC’s Market Outlook June 8.
Bitcoin initially fell against the US dollar, but found enough support on Wednesday at the $2800 level to turn around and show signs of strength yet again. It now appears that the market is going to do everything it can to reach towards the 3000 handle, as there will be a lot of psychological significance attached to that number. Pullbacks continue to be buying opportunities.
Bitcoin fell against the Japanese yen as well, as it now looks as if the ¥300,000 level is going to be the new “floor” in the market. With this in mind, I still believe that buying is the best way to go, and that the dips represent value and what has been a very strong uptrend for some time. I have no intentions of selling anytime soon. Currently, I believe the target is ¥350,000.
Thank for watching and I’ll see you tomorrow.