Hello and welcome to News BTC’s Market Outlook July 6.
Bitcoin fell a bit during the Wednesday session, but continues to find support near the $2500 level. It looks as if the market is going to bounce from here though, and perhaps continue to grind towards the upside. I believe that the $2800 level is a target that traders will be looking for, so short-term buy on the dips type of strategies seem to be the best way to play this market.
Bitcoin fell a bit during the day on Wednesday against the Japanese yen as well, and it looks likely that we will continue to find buyers underneath. I believe that the market is reaching towards the ¥300,000 level, which is resistance. The market break above there should send this pair much higher, perhaps the ¥320,000 level, and then the ¥340,000 level.
Thank you for watching, we’ll see you again tomorrow.