BTC/USD and BTC/JPY Technical Analysis July 26, 2017

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Hello and welcome to News BTC’s Market Outlook July 26.

BTC/USD

Bitcoin fell significantly during the day on Tuesday, slicing through the 2600 level. At this point, it’s difficult to short this market, mainly because there is support extending down to at least the 2400 level. Because of this, looking for some type of supportive candle or a bounce is the way to play the market. Ultimately, we are still in an uptrend, but if we break down below the 2400 level, the market will almost certainly go to the 2000 level next.

BTC/JPY

Bitcoin broke down significantly during the day on Tuesday, slicing towards the ¥280,000 level. A move below there should send the market down to the ¥260,000 level, where I would also expect to see support. A breakdown below there could be very negative. Any bounce should send this market towards the ¥320,000 level again.

Thanks for watching, we’ll see you again tomorrow.