Hello and welcome to News BTC’s Market Outlook June 16.
Bitcoin continues to sell off against the US dollar, reaching as low as $2200 during the day on Thursday. The market looks as if it is going to test the 2000 level by the time it said and done, and as a result it’s very difficult to jump in and start buying here. I would need to see some type of supportive candle to do so. Clearly the sellers are in complete control of the market as the bubble is starting to pop.
Bitcoin fell against the Japanese yen and as I write this is testing the bottom of a massive hammer from the previous session. That is an extraordinarily negative sign, and it looks as if we are going to continue to go lower from here, perhaps reaching towards the ¥240,000 level. Ultimately, this is a market that cannot be bought, least not until stability returns.
Thanks for watching, see you again on Monday.