Hello and welcome to News BTC’s Market Outlook July 27.
Bitcoin initially fell a bit during the day on Wednesday, but has found support at the 20 day moving average. The $2400 level has offered support, and thereby cause the market to bounce significantly. By doing so, it sets up a move above the $2600 level, which should be rather bullish. Once we break above the $2600 level, the market should then go looking for the $2800 level.
Bitcoin fell against the Japanese yen as well, and also found support at the 20 day moving average. The resulting hammer like candle suggests that we are in fact going to continue to go higher, and aimed towards the ¥310,000 level. This market continues to be a “buy on the dips” scenario, and this latest move shows that continues to be the best way to trade Bitcoin against the Japanese yen.
Thanks for watching, we’ll see you again tomorrow.