Hello and welcome to News BTC’s Market Outlook Aug 3.
Bitcoin initially fell a bit during the day on Wednesday, but found buyers yet again as we continue to grind sideways with an upward attitude. It seems as if the market should then go to the $3000 level above. If we can break above that, then the market can become more of a “buy-and-hold” situation. It continues to look as if we are by on the dips at this point.
Bitcoin did almost nothing against the Japanese yen, but more importantly, sat just above the ¥300,000 level. That’s a bullish sign, and therefore I feel that when we pull back, there will be buyers, just as we could go towards the top of the recent consolidation area, sending the market towards the ¥340,000 level.
Thanks for watching, I’ll see you again tomorrow.