Hello and welcome to News BTC’s Market Outlook Aug 2.
Bitcoin initially fell against the US dollar during Tuesday trading but found enough support at the $2600 level again to turn around and bounced significantly. When looking at the daily charts, it is easy to see that we are forming a bit of a “U” shape to the chart, suggesting that the buyers are becoming more aggressive. The US dollar has been on the back foot for some time in the currency world, and it appears that the Bitcoin market is going to be more of the same.
Bitcoin initially fell against the Japanese yen as well, but also found support below, this time at the ¥280,000 level, as we have popped above the ¥300,000 level again. A break above the ¥340,000 level sends this market much higher, and frees us from all signs of resistance in the immediate area.
Thanks for watching, we’ll see you again tomorrow.