Hello and welcome to News BTC’s Market Outlook July 21.
Ethereum rallied against the US dollar during the session on Thursday, testing the $240 level. I believe that we need to close on a daily chart above the $250 level to start buying again, as I would show significant support. In the meantime, I anticipate that we will probably grind sideways overall, as we are trying to form a bit of a base in the Ethereum markets.
Ethereum tried to rally against Bitcoin, but failed. We ended up forming a very bearish looking candle, and I think that we are going to continue to grind sideways with significant support at the 0.08 level. Because of this, I believe is probably best be on the sidelines in this market, at least until we get some type of impulsive candle telling us which direction is more likely to be supported.
Thanks for watching, I’ll see you again Monday.