Hello and welcome to News BTC’s Market Outlook July 20.
Bitcoin went back and forth during the session on Wednesday in early trading, showing that we are in fact running into a bit of trouble at the 2400 level. It’s likely that we see a short-term pullback, but I would suspect that there is massive support at not only the 2200 level, but also the 2000 level after that. Alternately, a break above 2400 sends buyers back into the market and aiming for 2600.
Bitcoin did very much the same type of thing against the Japanese yen, and it now looks as if the ¥270,000 level is going to offer significant resistance below, at the ¥250,000 level we have support. It’s likely we get a bit of a sideways grind, perhaps even a slight pullback from here. If we do break above the ¥270,000 level, the market is probably going to try to grind towards ¥300,000.
Thanks for watching, we’ll see you again tomorrow.